price = close
label.new(x=bar_index, y=high, text="Price: " + str.tostring(price), color=color.blue, textcolor=color.white, style=label.style_label_down)

5.3 Drawing Custom Indicators

When creating custom indicators, you'll often want to combine multiple drawing elements to create a clear and informative visualization. For example, you might want to plot a line representing an indicator value, along with labels or shapes to highlight specific events or conditions.

Here's an example of a custom indicator that plots a moving average and adds a label when the close price crosses above the moving average:

smaValue = ta.sma(close, 14) 
plot(smaValue, title="14-day SMA", color=color.red, linewidth=2)
crossAbove = ta.crossover(close, smaValue) 
if crossAbove 
    label.new(x=bar_index, y=high, text="Cross Above", color=color.green, textcolor=color.white, style=label.style_label_down)

In this example, we used the ta.crossover() function to detect when the close price crosses above the moving average, and then created a label at that point on the chart.

That concludes Lesson 5! You should now have a solid understanding of how to draw on the chart using Pinescript, including plotting lines, shapes, and adding labels and text annotations. In the next lesson, we'll delve into creating alerts and executing trades using Pinescript strategies.