PROTECTED SOURCE SCRIPT
OptX - ZigZag Triangle with Market Appetite
OptX - ZigZag Based Dynamic Triangle with Market Appetite Indicator
This protected script automatically detects and draws the latest converging triangle patterns using ZigZag pivot points. It combines classic price geometry with a proprietary "Market Appetite" momentum metric to highlight potential breakout strength.
Key Features:
- Automatically identifies recent swing highs and lows
- Draws upper resistance and lower support lines to form a triangle
- Includes a dashed diagonal line for visual structure
- Fills the triangle with dynamic color intensity and opacity reflecting current market momentum
- Clearly labels active resistance and support levels
- On breakout (within configurable bars after pivot), shows breakout conviction as a percentage (BO 0-100%)
Market Appetite Concept:
A custom momentum indicator that measures market intensity by analyzing normalized changes in both price and volume volatility:
- Recent price and volume movements are standardized and combined
- Scaled relative to recent extremes over an extended lookback
- Higher values indicate stronger momentum, resulting in more intense triangle fill and higher breakout percentage labels
- Designed to gauge the underlying conviction in price moves
Trend-adaptive coloring (based on 20-period SMA):
- Bullish conditions: green/blue tones
- Bearish conditions: red/gray tones
Ideal for spotting triangle breakouts with built-in momentum assessment.
Settings include full customization of ZigZag sensitivity, colors, fill opacity, appetite calculation period, breakout detection window, and line styles.
This is an original indicator combining ZigZag-based triangle detection with a unique price-volume momentum evaluation – developed independently and not derived from simple combinations of existing public scripts.
This protected script automatically detects and draws the latest converging triangle patterns using ZigZag pivot points. It combines classic price geometry with a proprietary "Market Appetite" momentum metric to highlight potential breakout strength.
Key Features:
- Automatically identifies recent swing highs and lows
- Draws upper resistance and lower support lines to form a triangle
- Includes a dashed diagonal line for visual structure
- Fills the triangle with dynamic color intensity and opacity reflecting current market momentum
- Clearly labels active resistance and support levels
- On breakout (within configurable bars after pivot), shows breakout conviction as a percentage (BO 0-100%)
Market Appetite Concept:
A custom momentum indicator that measures market intensity by analyzing normalized changes in both price and volume volatility:
- Recent price and volume movements are standardized and combined
- Scaled relative to recent extremes over an extended lookback
- Higher values indicate stronger momentum, resulting in more intense triangle fill and higher breakout percentage labels
- Designed to gauge the underlying conviction in price moves
Trend-adaptive coloring (based on 20-period SMA):
- Bullish conditions: green/blue tones
- Bearish conditions: red/gray tones
Ideal for spotting triangle breakouts with built-in momentum assessment.
Settings include full customization of ZigZag sensitivity, colors, fill opacity, appetite calculation period, breakout detection window, and line styles.
This is an original indicator combining ZigZag-based triangle detection with a unique price-volume momentum evaluation – developed independently and not derived from simple combinations of existing public scripts.
Script protetto
Questo script è pubblicato come codice protetto. Tuttavia, è possibile utilizzarle liberamente e senza alcuna limitazione – ulteriori informazioni qui.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script protetto
Questo script è pubblicato come codice protetto. Tuttavia, è possibile utilizzarle liberamente e senza alcuna limitazione – ulteriori informazioni qui.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.