Pine Script in TradingView to identify price action related to institutional hedging can be challenging because it's based on identifying patterns or unusual market behavior. However, certain indicators such as volume spikes, large moves in options markets, or unusual price movements in indices can help provide insights into potential institutional hedging activities.
A common way to approximate institutional hedging could be by looking at unusual price moves coupled with volume surges on a specific stock or index, along with potential market-wide volatility using tools like the VIX (Volatility Index). Below is a basic Pine Script that tries to detect potential institutional hedging activity based on these factors