ellipse

Draws an Ellipse using three anchors: left, right, and a height point. It’s a soft way to highlight areas around pivots or consolidation zones. You can fill it lightly and add a short label so the purpose of the zone is clear.

Syntax (one line)

ellipse(leftPoint, rightPoint, heightPoint, styles?, text?)

Parameters

leftPoint (PricedData) · Left anchor of the ellipse (time & price). rightPoint (PricedData) · Right anchor of the ellipse (time & price). heightPoint (PricedData) · Point that sets the vertical height of the ellipse. styles (EllipseLineToolOverrides) · Visual and label options:

• backgroundColor (RGBAColor | BaseColors) · Fill color inside the ellipse.

• bold (boolean) · Make label text bold.

• color (RGBAColor | BaseColors) · Outline/border color.

• fillBackground (boolean) · Turn fill on/off.

• fontSize (number) · Label font size.

• italic (boolean) · Make label text italic.

• linewidth (number) · Outline thickness.

• showLabel (boolean) · Show a small label on the ellipse.

• textColor (RGBAColor | BaseColors) · Label text color.

• transparency (number) · 0–100 fill transparency (higher = lighter). text (string) · Optional short label (e.g., "Zone").

Return Value

(string) · The drawing ID of the created Ellipse.

Example

What this does: Every 48 candles, it draws a soft blue ellipse around a recent area of interest and shows a short label. We keep all visuals in one const style.

//@version=1
init = () => {
  indicator({ onMainPanel: true, format: 'inherit' });
};

onTick = () => {
  if (index % 48 === 0) { // draw occasionally to keep charts clean
    // 1) Choose three anchors: left, right, and a height point
    const left   = newPoint(time(70),  closeC(70));
    const right  = newPoint(time(30),  closeC(30));
    const height = newPoint(time(50),  high(50));  // sets ellipse height

    // 2) Style (EllipseLineToolOverrides)
    const style = {
      color: color.blue,
      linewidth: 2,
      fillBackground: true,
      backgroundColor: color.rgba(0, 102, 255, 0.18),
      transparency: 82,
      showLabel: true,
      textColor: color.white,
      fontSize: 12,
      bold: true,
      italic: false
    };

    // 3) Draw the ellipse
    ellipse(left, right, height, style, "Watch zone");
  }
};

Tips

• Pick a meaningful pivot for heightPoint so the ellipse actually wraps the action you care about.

• Keep fills subtle so candles remain visible; adjust transparency higher if it feels heavy.

Warning

• Very tiny ellipses (few pixels tall) can be hard to see; space anchors enough to create a readable shape.

Good Practice

• Reuse a small set of color presets (e.g., blue for watch zones, orange for news areas) so ellipses are instantly recognizable.

• Keep labels short (1–2 words) to avoid clutter.