Multi Level Zigzag

At first I thought of doing double zig zag. Once developed I thought it is not much effort to make it multi level zigzag. This script is not same as multi-zigzag indicator (link in the end). In multi zigzag indicator we use zigzag based on different length and each zigzag has no relation to each other. In this script however, each zigzags are related to each other. We cannot just derive Zigzag 4 without deriving Zigzag 3. (Though we can hide each of them individually)

The logic is simple.

Zigzag1: This is the basic zigzag plotted based on given length.
Zigzag2, Zigzag2, Zigzag3 : These are built based on lower level zigzags.

For example, Zigzag2 is built based on Zigzag1 pivots. For calculation, we just use N*2 number of Zigzag1 pivots to derive the next level. Similarly Zigzag2 will become input for Zigzag 3 and Zigzag3 will become input for Zigzag4

Input parameters allow you to chose upto 4 levels of zigzag along with zigzag line color and length. Max array lines also defines how many lines back you want to calculate the zigzag pivots and display then in the stats. Lowering this number will not reduce the number of lines - but, it will limit possibility of calculating higher level zigzags. Stats table just highlight which pivots are applicable for which outer level.

Application: Can be used in pattern recognization scripts to improve accuracy.

Disclaimer: This is not working in intraday charts. Nothing I could do at this point of time. Use it only for daily + timeframes.

Related scripts:

Note di rilascio

Added zigzag chain option. If chain is used, zigzags are based on previous levels. If chain is not used. All multi level zigzags are derived based on base level - Level1. But, lengths gets added up on each iteration.
Added waitForConfirmation flag for plotting next level pivots

Note di rilascio

There was a small issue in zigzag calculation where single bar presented both pivot high and low. This has been corrected.

Note di rilascio

Remove redundant vars

Note di rilascio

Major changes

Added option to use external source or custom source instead of regular high/low for zigzag.
Memory optimization by deleting old elements of array.

Note di rilascio

Minor corrections.

Note di rilascio

Convert to pine5

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.

Trendoscope

Trial - trendoscope.io/trial
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io

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Declinazione di responsabilità

Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.

Script open-source

Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.

Trendoscope

Trial - trendoscope.io/trial
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io

Anche su: