Tradescript is a programming language created for the stock markets. You can use this in The Zerodha Pi Trading Terminal. Codes created using tradescript codes helps you identify trade opportunities in a live market. If you plan to start using tradescript language, it is advisable to read through the article.
You can use tradescript codes on the Zerodha Pi Scanner, EA and the Backtest engine.
The information here will help you understand what is achievable with Tradescript on Pi.
1) On the Zerodha Pi, tradescript generates visual or sound based trade signals. Alerts are generated when stocks are screened matching your tradescript formula.
2) Tradescript will not scan through the entire stocks listed on the exchange. It can screen only the stocks you manually assign in the Pi Scanner settings.
3) Tradescript does not do HFT, auto trading or robotic trading with Zerodha Pi. After trade alerts are generated on Pi using tradescript, you need to manually click submit to place your orders to the exchange.
4) All popular technical indicator functions are already predefined inside the core of Tradescript Engine. Defining new indicator functions may not be achievable.
5) Tradescript recognizes candlestick OHLC values and technical indicator values only across the same time-frame. The time-frame settings are done on the Pi and not inside the codes. Multi time-frame screening is not possible with tradescript.
6) Tradescript recognizes only candlestick values. Trade exit alerts referencing to your trade entry price or entry time cannot be coded.
7) The Tradescript Engine can identify trades from realtime ticks while the candles are still forming. Like the other stock screeners in the market it does not have to wait till the close of the candle.
8) The Pi scanner works realtime, so it can generate alerts only during Market hours from 9am to 3:30pm. Using the Pi Scanner on Daily Candles is not possible.
9) The Zerodha Pi Scanner, is an intraday scanner. It cannot validate tradescript conditions that refers to OHLC values beyond today’s intraday candle range.
10) The are no sound alerts on The Pi Scanner. Watch out for the ALERT TIME column on your scanner to turn YELLOW. When the Alert Time column highlights Yellow, it means a stock has been screened matching your Tradescript condition.