I have got the below pinescript code which is giving me good results. I need to convert it to tradescript to generate alerts. Can someone explain me the code?
It creates 2 lines as support and resistance for the entire day, once the candle cross over/below these lines, a good amount of rally is being seen.
range = high - low
// Daily line breaks
sopen = security(tickerid, "D", open)
a=range[1]*0.382
b=range[1]*0.618
h=sopen+a
h1=sopen+b
l=sopen-a
l1=sopen-b
// Color
hcolor=sopen != sopen[1] ? na : maroon
hcolor1=sopen != sopen[1] ? na : red
lcolor=sopen != sopen[1] ? na : green
lcolor1=sopen != sopen[1] ? na : lime
//Daily Range
highrange1 = security(tickerid, 'D', h)
highrange2 = security(tickerid, 'D', h1)
lowrange1 = security(tickerid, 'D', l)
lowrange2 = security(tickerid, 'D', l1)
highrange3 = (highrange1 + highrange2) /2
lowrange3 = (lowrange1 + lowrange2) /2
offs_daily = 0
//H1=plot(sr and highrange1 ? highrange1 : na, title="Daily High1",color=hcolor, linewidth=1)
H1=plot(sr and highrange3 ? highrange3 : na, title="Daily High1",color=hcolor, linewidth=1)
H2=plot(sr and highrange2 ? highrange2 : na, title="Daily Daily High2", color=hcolor1, linewidth=1)
//L1=plot(sr and lowrange1 ? lowrange1 : na, title="Daily Low1",color=lcolor, linewidth=1)
L1=plot(sr and lowrange3 ? lowrange3 : na, title="Daily Low1",color=lcolor, linewidth=1)
L2=plot(sr and lowrange2 ? lowrange2 : na, title="Daily Daily Low2", color=lcolor1, linewidth=1)
fill(H1,H2,color=maroon)
fill(L1,L2,color=lime)