ZigZag

30 mar

█ Overview

This Pine Script™ library provides a comprehensive implementation of the ZigZag indicator using advanced object-oriented programming techniques. It serves as a developer resource rather than a standalone indicator, enabling Pine Script™ programmers to incorporate sophisticated ZigZag calculations into their own scripts.

Pine Script™ libraries contain reusable code that can be imported into indicators, strategies, and other libraries. For more information, consult the Libraries section of the Pine Script™ User Manual.

█ About the Original

This library is based on TradingView's official ZigZag implementation.
The original code provides a solid foundation with user-defined types and methods for calculating ZigZag pivot points.

█ What is ZigZag?

The ZigZag indicator filters out minor price movements to highlight significant market trends.
It works by:

1. Identifying significant pivot points (local highs and lows)
2. Connecting these points with straight lines
3. Ignoring smaller price movements that fall below a specified threshold

Traders typically use ZigZag for:
- Trend confirmation
- Identifying support and resistance levels
- Pattern recognition (such as Elliott Waves)
- Filtering out market noise

The algorithm identifies pivot points by analyzing price action over a specified number of bars, then only changes direction when price movement exceeds a user-defined percentage threshold.

█ My Enhancements

This modified version extends the original library with several key improvements:

1. Support and Resistance Visualization
- Adds horizontal lines at pivot points
- Customizable line length (offset from pivot)
- Adjustable line width and color
- Option to extend lines to the right edge of the chart

2. Support and Resistance Zones
- Creates semi-transparent zone areas around pivot points
- Customizable width for better visibility of important price levels
- Separate colors for support (lows) and resistance (highs)
- Visual representation of price areas rather than just single lines

3. Zig Zag Lines
- Separate colors for upward and downward ZigZag movements
- Visually distinguishes between bullish and bearish price swings
- Customizable colors for text
- Width customization

4. Enhanced Settings Structure
- Added new fields to the Settings type to support the additional features
- Extended Pivot type with supportResistance and supportResistanceZone fields
- Comprehensive configuration options for visual elements

These enhancements make the ZigZag more useful for technical analysis by clearly highlighting support/resistance levels and zones, and providing clearer visual cues about market direction.

█ Technical Implementation

This library leverages Pine Script™'s user-defined types (UDTs) to create a robust object-oriented architecture:

- Settings: Stores configuration parameters for calculation and display
- Pivot: Represents pivot points with their visual elements and properties
- ZigZag: Manages the overall state and behavior of the indicator

The implementation follows best practices from the Pine Script™ User Manual's Style Guide and uses advanced language features like methods and object references. These UDTs represent Pine Script™'s most advanced feature set, enabling sophisticated data structures and improved code organization.

For newcomers to Pine Script™, it's recommended to understand the language fundamentals before working with the UDT implementation in this library.

█ Usage Example

//@version=6
indicator("ZigZag Example", overlay = true, shorttitle = 'ZZA', max_bars_back = 5000, max_lines_count = 500, max_labels_count = 500, max_boxes_count = 500)

import andre_007/ZigZag/1 as ZIG


var group_1 = "ZigZag Settings"

//@variable Draw Zig Zag on the chart.
bool showZigZag = input.bool(true, "Show Zig-Zag Lines", group = group_1, tooltip = "If checked, the Zig Zag will be drawn on the chart.", inline = "1")

// @variable The deviation percentage from the last local high or low required to form a new Zig Zag point.
float deviationInput = input.float(5.0, "Deviation (%)", minval = 0.00001, maxval = 100.0,
  tooltip = "The minimum percentage deviation from a previous pivot point required to change the Zig Zag's direction.", group = group_1, inline = "2")

// @variable The number of bars required for pivot detection.
int depthInput = input.int(10, "Depth", minval = 1, tooltip = "The number of bars required for pivot point detection.", group = group_1, inline = "3")

// @variable registerPivot (series bool) Optional. If `true`, the function compares a detected pivot 
// point's coordinates to the latest `Pivot` object's `end` chart point, then 
// updates the latest `Pivot` instance or adds a new instance to the `ZigZag` 
// object's `pivots` array. If `false`, it does not modify the `ZigZag` object's 
// data. The default is `true`. 
bool allowZigZagOnOneBarInput = input.bool(true, "Allow Zig Zag on One Bar", tooltip = "If checked, the Zig Zag calculation can register a pivot high and pivot low on the same bar.",
  group = group_1, inline = "allowZigZagOnOneBar")

var group_2 = "Display Settings"

// @variable The color of the Zig Zag's lines (up).
color lineColorUpInput = input.color(color.green, "Line Colors for Up/Down", group = group_2, inline = "4")

// @variable The color of the Zig Zag's lines (down).
color lineColorDownInput = input.color(color.red, "", group = group_2, inline = "4",
  tooltip = "The color of the Zig Zag's lines")

// @variable The width of the Zig Zag's lines.
int lineWidthInput = input.int(1, "Line Width", minval = 1, tooltip = "The width of the Zig Zag's lines.", group = group_2, inline = "w")

// @variable If `true`, the Zig Zag will also display a line connecting the last known pivot to the current `close`.
bool extendInput = input.bool(true, "Extend to Last Bar", tooltip = "If checked, the last pivot will be connected to the current close.",
  group = group_1, inline = "5")

// @variable If `true`, the pivot labels will display their price values.
bool showPriceInput = input.bool(true, "Display Reversal Price", 
  tooltip = "If checked, the pivot labels will display their price values.", group = group_2, inline = "6")

// @variable If `true`, each pivot label will display the volume accumulated since the previous pivot.
bool showVolInput = input.bool(true, "Display Cumulative Volume",
  tooltip = "If checked, the pivot labels will display the volume accumulated since the previous pivot.", group = group_2, inline = "7")

// @variable If `true`, each pivot label will display the change in price from the previous pivot.
bool showChgInput = input.bool(true, "Display Reversal Price Change", 
  tooltip = "If checked, the pivot labels will display the change in price from the previous pivot.", group = group_2, inline = "8")

// @variable Controls whether the labels show price changes as raw values or percentages when `showChgInput` is `true`.
string priceDiffInput = input.string("Absolute", "", options = ["Absolute", "Percent"],  
  tooltip = "Controls whether the labels show price changes as raw values or percentages when 'Display Reversal Price Change' is checked.",
  group = group_2, inline = "8")

// @variable If `true`, the Zig Zag will display support and resistance lines.
bool showSupportResistanceInput = input.bool(true, "Show Support/Resistance Lines",
  tooltip = "If checked, the Zig Zag will display support and resistance lines.", group = group_2, inline = "9")

// @variable The number of bars to extend the support and resistance lines from the last pivot point.
int supportResistanceOffsetInput = input.int(50, "Support/Resistance Offset", minval = 0, 
  tooltip = "The number of bars to extend the support and resistance lines from the last pivot point.", group = group_2, inline = "10")

// @variable The width of the support and resistance lines.
int supportResistanceWidthInput = input.int(1, "Support/Resistance Width", minval = 1, 
  tooltip = "The width of the support and resistance lines.", group = group_2, inline = "11")

// @variable The color of the support lines.
color supportColorInput = input.color(color.red, "Support/Resistance Color", group = group_2, inline = "12")

// @variable The color of the resistance lines.
color resistanceColorInput = input.color(color.green, "", group = group_2, inline = "12",
  tooltip = "The color of the support/resistance lines.")

// @variable If `true`, the support and resistance lines will be drawn as zones.
bool showSupportResistanceZoneInput = input.bool(true, "Show Support/Resistance Zones",
  tooltip = "If checked, the support and resistance lines will be drawn as zones.", group = group_2, inline = "12-1")

// @variable The color of the support zones.
color supportZoneColorInput = input.color(color.new(color.red, 70), "Support Zone Color", group = group_2, inline = "12-2")

// @variable The color of the resistance zones.
color resistanceZoneColorInput = input.color(color.new(color.green, 70), "", group = group_2, inline = "12-2",
  tooltip = "The color of the support/resistance zones.")

// @variable The width of the support and resistance zones.
int supportResistanceZoneWidthInput = input.int(10, "Support/Resistance Zone Width", minval = 1, 
  tooltip = "The width of the support and resistance zones.", group = group_2, inline = "12-3")

// @variable If `true`, the support and resistance lines will extend to the right of the chart.
bool supportResistanceExtendInput = input.bool(false, "Extend to Right",
  tooltip = "If checked, the lines will extend to the right of the chart.", group = group_2, inline = "13")

// @variable References a `Settings` instance that defines the `ZigZag` object's calculation and display properties.
var ZIG.Settings settings = 
 ZIG.Settings.new(
     devThreshold               = deviationInput,
     depth                      = depthInput,
     lineColorUp                = lineColorUpInput,
     lineColorDown              = lineColorDownInput,
     textUpColor                = lineColorUpInput,
     textDownColor              = lineColorDownInput,
     lineWidth                  = lineWidthInput,
     extendLast                 = extendInput,
     displayReversalPrice       = showPriceInput,
     displayCumulativeVolume    = showVolInput,
     displayReversalPriceChange = showChgInput,
     differencePriceMode        = priceDiffInput,
     draw                       = showZigZag,
     allowZigZagOnOneBar        = allowZigZagOnOneBarInput,
     drawSupportResistance      = showSupportResistanceInput,
     supportResistanceOffset    = supportResistanceOffsetInput,
     supportResistanceWidth     = supportResistanceWidthInput,
     supportColor               = supportColorInput,
     resistanceColor            = resistanceColorInput,
     supportResistanceExtend    = supportResistanceExtendInput,
     supportResistanceZoneWidth = supportResistanceZoneWidthInput,
     drawSupportResistanceZone  = showSupportResistanceZoneInput,
     supportZoneColor           = supportZoneColorInput,
     resistanceZoneColor        = resistanceZoneColorInput     
 )

// @variable References a `ZigZag` object created using the `settings`.
var ZIG.ZigZag zigZag = ZIG.newInstance(settings)

// Update the `zigZag` on every bar.
zigZag.update()
//#endregion

The example code demonstrates how to create a ZigZag indicator with customizable settings. It:

1. Creates a Settings object with user-defined parameters
2. Instantiates a ZigZag object using these settings
3. Updates the ZigZag on each bar to detect new pivot points
4. Automatically draws lines and labels when pivots are detected

This approach provides maximum flexibility while maintaining readability and ease of use.

2 apr

Note di rilascio

v2
Changes:

- Overlay option added: the indicator can be drawn on the main chart or in a separate pane.
- Line style option added: the indicator can use different line styles for the ZigZag lines and support/resistance lines.
- Source option added: the indicator can use different sources for the ZigZag lines and support/resistance lines.

Example code:

//#region ———————————————————— Example Code

// @variable The deviation percentage from the last local high or low required to form a new Zig Zag point.
float deviationInput = input.float(5.0, "Deviation (%)", minval = 0.00001, maxval = 100.0)
// @variable The number of bars required for pivot detection.
int depthInput = input.int(10, "Depth", minval = 1)
// @variable The color of the Zig Zag's lines.
color lineColorInput = input.color(#2962FF, "Line Color")
// @variable If `true`, the Zig Zag will also display a line connecting the last known pivot to the current `close`.
bool extendInput = input.bool(true, "Extend to Last Bar")
// @variable If `true`, the pivot labels will display their price values.
bool showPriceInput = input.bool(true, "Display Reversal Price")
// @variable If `true`, each pivot label will display the volume accumulated since the previous pivot.
bool showVolInput = input.bool(true, "Display Cumulative Volume")
// @variable If `true`, each pivot label will display the change in price from the previous pivot.
bool showChgInput = input.bool(true, "Display Reversal Price Change", inline = "Price Rev")
// @variable Controls whether the labels show price changes as raw values or percentages when `showChgInput` is `true`.
string priceDiffInput = input.string("Absolute", "", options = ["Absolute", "Percent"], inline = "Price Rev")

// @variable References a `Settings` instance that defines the `ZigZag` object's calculation and display properties.
var Settings settings = 
 Settings.new(
     deviationInput, depthInput, 
     lineColorInput, extendInput, 
     showPriceInput, showVolInput, 
     showChgInput,   priceDiffInput
 )

// @variable References a `ZigZag` object created using the `settings`.
var ZigZag zigZag = newInstance(settings)

// Update the `zigZag` on every bar.
zigZag.update()

//#endregion

4 apr

Note di rilascio

v3
Source for high and low can be any source, not only close, open, high, low, hl2.

18 apr

Note di rilascio

v4
[FIX] When parameter 'extendLast' is set to false, the last Support/Resistance line was not plotted. This was fixed.

Example:

2 mag

Note di rilascio

v5
Fixed a runtime error that occurs when trying to draw support/resistance lines with bar index coordinates too far from the current bar index. The error appears as:

Runtime error
Error on bar 14206: Bar index value of the "x1" argument is too far from the current bar index. Try using "time" instead.

Solution
Added a distance check in the updatePivot() method that limits the maximum distance of x1 coordinates to 9999 bars from the current bar index. This prevents the error while maintaining the functionality of support and resistance lines even on very long historical data.

// Before drawing the line, check if distance is too great
this.supportResistance.set_x1((bar_index - this.start.index) > 9999 ? bar_index - 9999 : this.start.index)