What you can (and can’t) expect from ChatGPT

ChatGPT can rapidly generate Pine Script® code, making it ideal for single‑concept indicators—such as a moving average, oscillator, or volatility filter. It accelerates the prototyping stage by transforming plain-language requests into code that you can immediately test on TradingView. This allows traders to visualize new ideas quickly without spending hours writing syntax from scratch.

However, limitations appear when logic becomes multi-layered. Complex state tracking, advanced data structures, or multi-source requests often push ChatGPT into errors. Additionally, ChatGPT doesn’t “trade test” your indicator—it only produces functional code. If your goal is robust validation across assets and timeframes, you’ll need backtesting and performance evaluation. That’s where LuxAlgo’s AI Backtesting Assistant comes in, converting clear trading rules into fully testable strategies.

LuxAlgo provides exclusive tools directly on TradingView—Toolkits, Screeners, and Backtesters—along with the web-based AI Backtesting platform. You can explore the Library of free indicators to spark ideas, then use ChatGPT to extend or combine them into unique variations. For an overview of the TradingView offerings, see the LuxAlgo home page.

Setup: Version choice, brief, and prompt structure

Always align with the Pine Script® User Manual so your prompts use accurate terminology. A well-structured request might look like: “Write a Pine Script v5 indicator with overlay=false. It should plot the percent change per bar and highlight moves greater than 2 standard deviations.”

Pine v6 adds changes such as dynamic_requests defaulting to true. While powerful, these defaults can create compilation errors. Many traders prefer starting in v5 for stability, then migrating later (Migration to Pine v6).

Be explicit about visuals. Set overlay = false for pane-based charts like RSI. If you want selective chart annotations while keeping the indicator in its own pane, use force_overlay (TradingView announcement).

Not sure where to start? LuxAlgo’s Toolkits (PAC, S&O, OSC) showcase professional-grade features like trend mapping, automated support/resistance, and money‑flow oscillators. These can inspire custom builds with ChatGPT while ensuring your workflow mirrors proven structures.

Case study: Percent‑change anomaly detection

Let’s walk through a practical build. Suppose you want to track unusual volatility. You can calculate percent change per candle, plot it around a 0% baseline, color positive values green and negative values red, and overlay ±1, ±2, and ±3 standard deviation bands. These bands contextualize outliers, similar to how Bollinger Bands frame price action (standard deviation explained).

Why it matters: sudden spikes often align with market exhaustion or local reversals. You can cross‑validate these anomaly signals with LuxAlgo’s reversal tools—such as the Reversal guide or MACD + Bollinger workflows—to build confidence in trade decisions.

Debugging errors and refining feedback loops

Common Pine Script errors include “undeclared identifier,” mismatched input, and series/constant conflicts. These usually stem from missing variable declarations or misusing time-series functions. When this happens, paste the exact compiler error back into the same ChatGPT conversation to preserve context—it often learns to self‑correct.

More subtle issues include repainting (when signals look perfect historically but aren’t tradeable in real time). LuxAlgo’s Price Action Concepts (PAC) toolkit can help you validate whether signals hold under structural market conditions like liquidity sweeps.

From indicators to strategies: when to backtest

Indicators visualize conditions; strategies formalize entry/exit rules and generate performance reports in TradingView. Before automating, review the Pine Script strategies overview.

Once you have rules, use LuxAlgo’s Backtesters on TradingView for immediate iteration. When you’re ready to scale, the AI Backtesting Assistant lets you generate strategies across assets and timeframes, with detailed metrics like profit factor, max drawdown, and Sharpe ratio (see the AI Backtesting docs).

Integrating ChatGPT code with LuxAlgo workflows

LuxAlgo offers three core Toolkits on TradingView that pair naturally with your custom indicators: Price Action Concepts (PAC) for market structure and support/resistance, Signals & Overlays (S&O) for signals, overlays, and alerts, and OSC money‑flow oscillators available across the ecosystem.

For market‑wide scanning, use Screeners to detect when your conditions align with LuxAlgo signals. For validation, explore Backtester (S&O), which helps refine rules into executable strategies. For a broader perspective on systematic design, see our overview of algorithmic approaches.

Plans & access

• Free Plan: $0, lifetime access. Includes hundreds of tools across 5+ platforms.
• Premium: $39.99/month – advanced signals, alerts, oscillator tools on TradingView.
• Ultimate: $59.99/month – includes AI Backtesting platform.

Compare full details on the pricing page and choose the plan that best fits your workflow.