My point of view is to follow the market. If it has reversed, then it has reversed, and there is no need to wait pre-defined number of candles for the confirmation. Such reversals will always be visible on momentum indicators, such as the most popular MACD. But a single-line moving average can be also good enough to notice reversals. Or my favourite one - QQE, which I borrowed (and improved) from JustUncleL, who borrowed it from Glaz, who borrowed it from... I don't even know where Quantitative Qualitative Estimation originates from. Thanks to all these guys for their input and code.
So whichever momentum indicator you choose - yes, there is a pick-your-poison-type selector as in in-famous Moving Average indicators - once it reverses, a highest (or lowest) point from the impulse is caught and ZigZag gets printed.
One thing I need to emphasize. This indicator DOES NOT REPAINT. It might look like the lines are a bit delayed, especially when compared to all the other ZigZag indicators on TradingView, but they are actually TRUE. There is a value in this - my indicator prints pivot points and Zigzag exactly on the moment they have been noticed, not earlier faking to be faster than they could be.
As a bonus, the indicator marks which impulse had strength in it. It is very nice to see a progressing impulse, but without force - a very likely that reversal on a bigger move is happening.
I'm about to publish some more scripts based on this ZigZag algo, so follow me on TradingView to get notified.
Enjoy!
Moreover, the script has been converted to Pine v5.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
Declinazione di responsabilità
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.