Structured zigzag support&resistance [LM]Hello Traders,
I would like to introduce you Structured zigzag support&resistance. It is based on the ZigZag semafor script made by DevLucem so shout out to him
The indicator is used to spot future multi-level Supports and Resistance zones. It is also useful to spot HL or LL or HH or LH zones
I's the same zigzag indicator as my other zigzag indicator with highlight on diagonal lines(highs and lows are automatically classified and also new types of diagonal lines that connects low or highs and extends to right are drawn )
It has two settings:
Fist is to control horizontal lines and zigzag setting
Second is to control diagonal lines
I hope you will enjoy it as I enjoyed to write it.
Lukas
Onda di Elliott
RSI Divergence Scanner by zdmreDivergence is when the price of an asset is moving in the opposite direction of a technical indicator, such as an oscillator, or is moving contrary to other data. Divergence warns that the current price trend may be weakening, and in some cases may lead to the price changing direction.
If the stock is rising and making new highs, ideally the RSI is reaching new highs as well. If the stock is making new highs, but the RSI starts making lower highs, this warns the price uptrend may be weakening. This is negative divergence.
Positive divergence is the opposite situation. Imagine the price of a stock is making new lows while the RSI makes higher lows with each swing in the stock price. Investors may conclude that the lower lows in the stock price are losing their downward momentum and a trend reversal may soon follow.
Divergence is one of the common uses of many technical indicators, primarily the oscillators.
Use it at your own risk
Support and Resistance Multiperiod (Zig Zag Based)Support and Resistance Multiperiod (Zig Zag Based)
What is the indicator?
• The indicator is a multi period (up to 5 lengths) Support and Resistance indicator calculated based on Zig Zag.
Who can use?
Scalpers to Long term investors
What timeframe to use?
• Any timeframe
What are the lines?
• Green lines are Support levels.
• Orange lines are Resistance levels.
How to use?
• Buy Low and Sell High.
• Brighter zones means strong Support or Resistance.
• Weaker zones appear lighter.
• Brighter zones are formed by overlapping of lines from multiple levels of support or resistance.
Indicator Menu
• The indicator can input 5 different Lengths.
• The default settings uses 13, 21, 52, 100 & 200.
• Every option are customizable.
rzigzagLibrary "rzigzag"
Recursive Zigzag Using Matrix allows to create zigzags recursively on multiple levels. After bit of consideration, decided to make this public.
zigzag(length, ohlc, numberOfPivots, offset)
calculates plain zigzag based on input
Parameters:
length : Zigzag Length
ohlc : Array containing ohlc values. Can also contain custom series
numberOfPivots : Number of max pivots to be returned
offset : Offset from current bar. Can be used for calculations based on confirmed bars
Returns:
nextlevel(zigzagmatrix, numberOfPivots)
calculates next level zigzag based on present zigzag coordinates
Parameters:
zigzagmatrix : Matrix containing zigzag pivots, bars, bar time, direction and level
numberOfPivots : Number of max pivots to be returned
Returns: matrix zigzagmatrix
draw(zigzagmatrix, newPivot, doublePivot, lineColor, lineWidth, lineStyle, showLabel, xloc)
draws zigzag based on the zigzagmatrix input
Parameters:
zigzagmatrix : Matrix containing zigzag pivots, bars, bar time, direction and level
newPivot : Flag indicating there is update in the pivots
doublePivot : Flag containing there is double pivot update on same bar
lineColor : Zigzag line color
lineWidth : Zigzag line width
lineStyle : Zigzag line style
showLabel : Flag to indicate display pivot labels
xloc : xloc preference for drawing lines/labels
Returns:
draw(length, ohlc, numberOfPivots, offset, lineColor, lineWidth, lineStyle, showLabel, xloc)
calculates and draws zigzag based on zigzag length and source input
Parameters:
length : Zigzag Length
ohlc : Array containing ohlc values. Can also contain custom series
numberOfPivots : Number of max pivots to be returned
offset : Offset from current bar. Can be used for calculations based on confirmed bars
lineColor : Zigzag line color
lineWidth : Zigzag line width
lineStyle : Zigzag line style
showLabel : Flag to indicate display pivot labels
xloc : xloc preference for drawing lines/labels
Returns:
drawfresh(zigzagmatrix, zigzaglines, zigzaglabels, lineColor, lineWidth, lineStyle, showLabel, xloc)
draws fresh zigzag for all pivots in the input matrix.
Parameters:
zigzagmatrix : Matrix containing zigzag pivots, bars, bar time, direction and level
zigzaglines : array to which all newly created lines will be added
zigzaglabels : array to which all newly created lables will be added
lineColor : Zigzag line color
lineWidth : Zigzag line width
lineStyle : Zigzag line style
showLabel : Flag to indicate display pivot labels
xloc : xloc preference for drawing lines/labels
Returns:
PivotsLibrary "Pivots"
This Library focuses in functions related to pivot highs and lows and some of their applications (i.e. divergences, zigzag, harmonics, support and resistance...)
pivots(srcH, srcL, length) Delivers series of pivot highs, lows and zigzag.
Parameters:
srcH : Source series to look for pivot highs. Stricter applications might source from 'close' prices. Oscillators are also another possible source to look for pivot highs and lows. By default 'high'
srcL : Source series to look for pivot lows. By default 'low'
length : This value represents the minimum number of candles between pivots. The lower the number, the more detailed the pivot profile. The higher the number, the more relevant the pivots. By default 10
Returns:
zigzagArray(pivotHigh, pivotLow) Delivers a Zigzag series based on alternating pivots. Ocasionally this line could paint a few consecutive lows or highs without alternating. That happens because it's finding a few consecutive Higher Highs or Lower Lows. If to use lines entities instead of series, that could be easily avoided. But in this one, I'm more interested outputting series rather than painting/deleting line entities.
Parameters:
pivotHigh : Pivot high series
pivotLow : Pivot low series
Returns:
zigzagLine(srcH, srcL, colorLine, widthLine) Delivers a Zigzag based on line entities.
Parameters:
srcH : Source series to look for pivot highs. Stricter applications might source from 'close' prices. Oscillators are also another possible source to look for pivot highs and lows. By default 'high'
srcL : Source series to look for pivot lows. By default 'low'
colorLine : Color of the Zigzag Line. By default Fuchsia
widthLine : Width of the Zigzag Line. By default 4
Returns: Zigzag printed on screen
divergence(h2, l2, h1, l1, length) Calculates divergences between 2 series
Parameters:
h2 : Series in which to locate divs: Highs
l2 : Series in which to locate divs: Lows
h1 : Series in which to locate pivots: Highs. By default high
l1 : Series in which to locate pivots: Lows. By default low
length : Length used to calculate Pivots: By default 10
Returns:
Zig Zag(auto Horizon lines)A guy who automatically draws a horizon from the top of the zigzag
*Gray horizon may be repainted
The horizon of the characteristic price in the past reacts well, so it is used for contrarian
ジグザクの頂点から、自動で水平線を引く奴です
※灰色の水平線はリペイントする可能性があります
過去の特徴的な価格の水平線はよく反応するので、逆張りするとかが用途です
Modified QQE-ZigZag [Non Repaint During Candle Building]V V V V V V V Please Read V V V V V V V
I ask Peter and he is fine, that im published this script
Tell me if you have some ideas or criticism about that sricpt
>>>>>>>>>> This is a modified Version of Peter_O's Momentum Based ZigZag <<<<<<<<<<<
This is only a test, and i want to share it with the community
It works like other ZigZags
Because Peters_O's original Version is only non repaint on closed historical Data ,
during a Candle building process it can still repaint (signal appears / 21 seconds later signal disapears / 42 seconds later signal appears again in the same candle / etc.),
but that isnt important for backtesting, its only important for realtime PivotPoints during a candle.
My goal for this zigzag was to make it absolute non repaint neither during a candle building process (current candle),
so once the signal is shown there is no chance that it disapers and shown a few seconds later again on that same candle, it can only show up one time per candle an thats it,
and that makes it absolute non repaint in all time frames.
Credits to:
==> Thanks to @glaz , for bringing the QQE to Tradingview <3
==> Thanks to @Peter_O , for sharing his idea to use the QQE as base for a Zigzag
and for sharing his MTF RSI with the Community <3
Changes:
- I changed the MTF RSI a little bit, you can choose between two version
- I changed the QQE a little bit, its now using the MTF RSI , and its using High and Low values as Source to make it absolute non repaint during a candle is building
- I added a little Divergence Calculation beween price and the MTF RSI that is used for the ZigZag
Colors :
- Green for HH / HL Continuation
- Red for LL / LH Continuation
- Yellow for Positive Divergence
- Purple for Negative Divergence
Important:
It is not possible to backtest this script correctly with historical Data, its only possible in Realtime,
because the QQE is using crossunders with RSILowSource and the QQE Line to find the Tops and,
because the QQE is using crossovers with RSIHighSource and the QQE Line to find the Bottoms,
and that means it is not possible to find the correct Time/Moment when that crossovers / crossunders happens in historical Data
=============> So please be sure you understand the Calculation and Backtest it in Realtime when you want to use it,
because i didn't published this script for real trading
=============> Im not a financial advisor and youre using this script at your own risk
=============> Please do your own research
Cyclic RSI High Low With Noise Filter█ OVERVIEW
This indicator displays Cyclic Relative Strength Index based on Decoding the Hidden Market Rhythm, Part 1 written by Lars von Thienen.
To determine true or false for Overbought / Oversold are unnecessary, therefore these should be either strong or weak.
Noise for weak Overbought / Oversold can be filtered, especially for smaller timeframe.
█ FEATURES
Display calculated Cyclic Relative Strength Index.
Zigzag high low based on Cyclic Relative Strength Index.
Able to filter noise for high low.
█ LEGENDS
◍ Weak Overbought / Oversold
OB ▼ = Strong Overbought
OS ▲ = Strong Oversold
█ USAGE / TIPS
Recommend to be used for Harmonic Patterns such as XABCD and ABCD.
Condition 1 (XABCD) : When ▼ and ▲ exist side by side, usually this outline XA, while the next two ◍ can be BC.
Condition 2 (ABCD) : When ▼ and ▲ exist side by side, usually this outline AB, while the next one ◍ can be BC, strong ABCD.
Condition 3 (ABCD) : When ▼ or ▲ exist at Point A, the next two ◍ can be Point B and Point C, medium ABCD.
Condition 4 (ABCD) : When ◍ exist at Point a, the next two ◍ can be Point b and Point c, weak ABCD usually used as lower case as abcd.
█ CREDITS
LoneSomeTheBlue
WhenToTrade
ZigZag WavesHello All,
I am here with a new idea and script, " Zigzag Waves ". This indicator creates 3 Zigzags with different lengths, keeps the lengths of each zigzag wave and calculates/draws average waves for each zigzag. optionally it can reset the wave when zigzag direction changes and new highest/lowest found. And optionally it draws Exponential Moving Average(EMA) of the sum of waves. This idea is very new and at the moment there is no optimization for the Zigzag Periods. Maybe we altogether can improve the idea and find the best zigzag periods for different symbols and time frames.
Using the options You can play with the periods, add/remove EMA, set its color and reset the waves on new Highest/Lowest. As far as I see resetting the waves on new Highest/Lowest may bring better results.
if we enable "Reset the waves on new Highest/Lowest":
Using different periods and EMA length:
P.S. if you have ideas to improve this script, drop a comment under the script please.
Enjoy!
Intraday Grid trading exampleHello everyone,
This was a grid trading example for intraday trading.
Please be advised that every commodity have diferent kind of reaction and rate of change between periods therefore the percentages need to be adjusted acording to the commodities change %.
In order to specify the adjustment rate we add the Zig Zag in the script.
For Example ;
Last 3 days zigzag high points are %25 , %13 and %8 , the average %is about %9 therefore you have to put the adjustment ratios something like;
Z%1 = %3
Z%2 = %6
Z%3 = %9
Feel free to use the script with caution( it was not a investment advice), this was only a example of grid trading strategy on our trading platform.
Regards.
FunctionZigZagMultipleMethodsLibrary "FunctionZigZagMultipleMethods"
ZigZag Multiple Methods.
method(idx) Helper methods enumeration.
Parameters:
idx : int, index of method, range 0 to 4.
Returns: string
function(method, value_x, value_y) Multiple method ZigZag.
Parameters:
method : string, default='(MANUAL) Percent price move over X * Y', method for zigzag.
value_x : float, x value in method.
value_y : float, y value in method.
Returns: tuple with:
zigzag float
direction
reverse_line float
realtimeofpivot int
Jeges JigsThis is a combination of all my old indicators, with an added feature for trend lines (inspiration for this came from Wedge Maker script thanks to veryfid, I hope he doesn't mind).
This script looks for a period with increased volatility , as measured by ATR ( Average True Range ), then it looks for a high or a low in that area.
When price is above EMA (400 is default, can be changed), it looks for the highs and adds multiples of ATR to the high. Default values for multipliers are 3,9 and 27, meaning that the script will show 3xATR level above the high, 9xATR above the high and 27xATR above the high.
When price is below EMA it looks for the lows and subtracts multiples of ATR from the low.The script will show 3xATR level below the low, 9xATR below the low and 27xATR below the low.
Multipliers values can be changed as well, making it a versatile tool that shows potential levels of suppport/resistance based on the volatility .
Possible use cases:
Breakout trading, when price crosses a certain level, it may show potential profit targets for trades opened at a breakout.
Stoploss helper. Many traders use ATR for their stoplosses, 1 ATR below the swing low for long trades and 1 ATR above the swing high for short trades are common values used by many traders. In this case, the Lookback value comes handy, if we want to look maybe at a more recent value for swing high/low point.
It highlights ATR peaks, it also displays Bollinger bands of SMA400 (or Ema), breakouts for upper/lower bands.
Another thing you get is Parabolic SAR and Zigzag based on SAR.
ZigZag reSampledthis indicator looks like the default ZigZag indicator but it uses the price action instead of the deviation%
supertrendHere is an extensive library on different variations of supertrend.
Library "supertrend"
supertrend : Library dedicated to different variations of supertrend
supertrend_atr(length, multiplier, atrMaType, source, highSource, lowSource, waitForClose, delayed) supertrend_atr: Simple supertrend based on atr but also takes into consideration of custom MA Type, sources
Parameters:
length : : ATR Length
multiplier : : ATR Multiplier
atrMaType : : Moving Average type for ATR calculation. This can be sma, ema, hma, rma, wma, vwma, swma
source : : Default is close. Can Chose custom source
highSource : : Default is high. Can also use close price for both high and low source
lowSource : : Default is low. Can also use close price for both high and low source
waitForClose : : Considers source for direction change crossover if checked. Else, uses highSource and lowSource.
delayed : : if set to true lags supertrend atr stop based on target levels.
Returns: dir : Supertrend direction
supertrend : BuyStop if direction is 1 else SellStop
supertrend_bands(bandType, maType, length, multiplier, source, highSource, lowSource, waitForClose, useTrueRange, useAlternateSource, alternateSource, sticky) supertrend_bands: Simple supertrend based on atr but also takes into consideration of custom MA Type, sources
Parameters:
bandType : : Type of band used - can be bb, kc or dc
maType : : Moving Average type for Bands. This can be sma, ema, hma, rma, wma, vwma, swma
length : : Band Length
multiplier : : Std deviation or ATR multiplier for Bollinger Bands and Keltner Channel
source : : Default is close. Can Chose custom source
highSource : : Default is high. Can also use close price for both high and low source
lowSource : : Default is low. Can also use close price for both high and low source
waitForClose : : Considers source for direction change crossover if checked. Else, uses highSource and lowSource.
useTrueRange : : Used for Keltner channel. If set to false, then high-low is used as range instead of true range
useAlternateSource : - Custom source is used for Donchian Chanbel only if useAlternateSource is set to true
alternateSource : - Custom source for Donchian channel
sticky : : if set to true borders change only when price is beyond borders.
Returns: dir : Supertrend direction
supertrend : BuyStop if direction is 1 else SellStop
supertrend_zigzag(length, history, useAlternateSource, alternateSource, source, highSource, lowSource, waitForClose, atrlength, multiplier, atrMaType) supertrend_zigzag: Zigzag pivot based supertrend
Parameters:
length : : Zigzag Length
history : : number of historical pivots to consider
useAlternateSource : - Custom source is used for Zigzag only if useAlternateSource is set to true
alternateSource : - Custom source for Zigzag
source : : Default is close. Can Chose custom source
highSource : : Default is high. Can also use close price for both high and low source
lowSource : : Default is low. Can also use close price for both high and low source
waitForClose : : Considers source for direction change crossover if checked. Else, uses highSource and lowSource.
atrlength : : ATR Length
multiplier : : ATR Multiplier
atrMaType : : Moving Average type for ATR calculation. This can be sma, ema, hma, rma, wma, vwma, swma
Returns: dir : Supertrend direction
supertrend : BuyStop if direction is 1 else SellStop
zigzag⬜ Zigzag at your fingertips.
Creating zigzag array is more simpler than ever. All you need to do is:
▶ Import library:
import HeWhoMustNotBeNamed// as zgi
▶ And invoke zigzag to get all the details.
zgi.drawzigzag(zigzagLength)
More examples in the code where you can get retracement ratios, zigzag direction, divergence etc.
Library "zigzag"
Library dedicated to zigzags and related indicators
zigzag(length, numberOfPivots, useAlternativeSource, source, oscillatorSource, directionBias) zigzag: Calculates zigzag pivots and generates an array
Parameters:
length : : Zigzag Length
numberOfPivots : : Max number of pivots to return in the array. Default is 20
useAlternativeSource : : If set uses the source for genrating zigzag. Default is false
source : : Alternative source used only if useAlternativeSource is set to true. Default is close
oscillatorSource : : Oscillator source for calculating divergence
directionBias : : Direction bias for calculating divergence
Returns:
zigzagpivots : Array containing zigzag pivots
zigzagpivotbars : Array containing zigzag pivot bars
zigzagpivotdirs : Array containing zigzag pivot directions (Lower High : 1, Higher High : 2, Lower Low : -2 and Higher Low : -1)
zigzagpivotratios : Array containing zigzag retracement ratios for each pivot
zigzagoscillators : Array of oscillator values at pivots. Will have valid values only if valid oscillatorSource is provided as per input.
zigzagoscillatordirs : Array of oscillator directions (HH, HL, LH, LL) at pivots. Will have valid values only if valid oscillatorSource is provided as per input.
zigzagtrendbias : Array of trend bias at pivots. Will have valid value only if directionBias series is sent in input parameters
zigzagdivergence : Array of divergence sentiment at each pivot. Will have valid values only if oscillatorSource and directionBias inputs are provided
newPivot : Returns true if new pivot created
doublePivot : Returns true if two new pivots are created on same bar (Happens in case of candles with long wicks and shorter zigzag lengths)
drawzigzag(length, numberOfPivots, , source, linecolor, linewidth, linestyle, oscillatorSource, directionBias, showHighLow, showRatios, showDivergence) drawzigzag: Calculates and draws zigzag pivots
Parameters:
length : : Zigzag Length
numberOfPivots : : Max number of pivots to return in the array. Default is 20
: useAlternativeSource: If set uses the source for genrating zigzag. Default is false
source : : Alternative source used only if useAlternativeSource is set to true. Default is close
linecolor : : zigzag line color
linewidth : : zigzag line width
linestyle : : zigzag line style
oscillatorSource : : Oscillator source for calculating divergence
directionBias : : Direction bias for calculating divergence
showHighLow : : show highlow label
showRatios : : show retracement ratios
showDivergence : : Show divergence on label (Only works if divergence data is available - that is if we pass valid oscillatorSource and directionBias input)
Returns:
zigzagpivots : Array containing zigzag pivots
zigzagpivotbars : Array containing zigzag pivot bars
zigzagpivotdirs : Array containing zigzag pivot directions (Lower High : 1, Higher High : 2, Lower Low : -2 and Higher Low : -1)
zigzagpivotratios : Array containing zigzag retracement ratios for each pivot
zigzagoscillators : Array of oscillator values at pivots. Will have valid values only if valid oscillatorSource is provided as per input.
zigzagoscillatordirs : Array of oscillator directions (HH, HL, LH, LL) at pivots. Will have valid values only if valid oscillatorSource is provided as per input.
zigzagtrendbias : Array of trend bias at pivots. Will have valid value only if directionBias series is sent in input parameters
zigzagdivergence : Array of divergence sentiment at each pivot. Will have valid values only if oscillatorSource and directionBias inputs are provided
zigzaglines : Returns array of zigzag lines
zigzaglabels : Returns array of zigzag labels
ZigZag Chart with SupertrendHello All,
This script creates Zigzag Chart by using Zigzag waves, so it's timeless chart meaning that no time dependency on X-axis. Optionally it can calculate & show Zigzag Supertrend or Simple Moving Average. Also it can change bar colors of the main chart by trend direction of Zigzag Supertrend.
As seen below, each zigzag wave is a candle on Zigzag chart:
You have a few options and using these options you can find best settings for the securities/timeframes.
You can change Zigzag period, if you change Zigzag Period then all zigzag and the chart is recalculated/reconstructed.
You have option to show Zigzag Supertrend or Zigzag Moving Average, the options you have;
- You can change ATR Length and ATR multiplier for supertrend
- You can change Length for Simple Moving Average
You can change Zigzag candle & wick colors using options. Also you have option to change bar colors according to Zigzag Supertrend direction.
As it's timeless chart, below you can see how/when bar colors and Zigzag Supertrend change:
You can see Simple Moving Average of the Zigzag Candles:
You can play with ATR length and multiplier to find best supertrend:
You can play with the candle & wick colors:
Enjoy!
Multi-ZigZag Multi-Oscillator Trend DetectorThis table is intended to give you snapshot of how price and oscillators are moving along with zigzag pivots.
This is done in the same lines of Zigzag-Trend-Divergence-Detector
But, here are the differences
Table shows multiple oscillator movements at a same time instead of one selected oscillator
Divergence is not calculated and also supertrend based trend. Trend can be calculated based on zigzag movements. However, lets keep this for future enhancements.
This system also uses multiple zigzags instead of just one.
⬜ Process
▶ Derive multiple zigzags - Code is taken from Multi-ZigZag
▶ Along with zigzags - also calculate different oscillators and attach it to zigzag pivot.
▶ Calculate directions of zigzag pivots and corresponding oscillators.
▶ Plot everything in the table on last bar.
⬜ Table components
Table contains following data:
Directional legends are:
⇈ - Higher High (Green)
⇊ - Lower Low (Red)
⭡- Lower High (Orange)
⭣ - Higher Low (Lime)
⬜ Input Parameters
▶ Source : Default is close. If Unchecked - uses high/low data for calculating pivots. Can also use external input such as OBV
▶ Stats : Gives option to select the depth of output (History) and also lets you chose text size and table position.
▶ Oscillators : Oscillator length is derived by multiplying multiplier to zigzag length. For example, for zigzag 5, with 4 as multiplier, all oscillators are calculated with length 20. But, same for zigzag 8 will be 32 and so on.
▶ Available oscillators :
CCI - Commodity Channel Index
CMO - Chande Momentum Oscillator
COG - Center Of Gravity
MFI - Money Flow Index (Shows only if volume is present)
MOM - Momentum oscillator
ROC - Rate Of Change
RSI - Relative Strength Index
TSI - Total Strength Index
WPR - William Percent R
BB - Bollinger Percent B
KC - Keltner Channel Percent K
DC - Donchian Channel Percent D
ADC - Adoptive Donchian Channel Percent D ( Adoptive-Donchian-Channel )
⬜ Challenges
There are 12 oscillators and each zigzag has different length. Which means, there are 48 combinations of the ocillators.
First challenge was generating these values without creating lots of static initialization. Also, note, if the functions are not called on each bar, then they will not yield correct result. This is achieved through initializer function which runs on every bar and stores the oscillator values in an array which emulates multi dimensional array oscillator X zigzag length.
Next challenge was getting these values within function when we need it. While doing so I realized that values stored in array also have historical series and calling array.get will actully get you the entire series and not just the value. This is an important takeaway for me and this can be used for further complex implementations.
Thanks to @LonesomeTheBlue and @LucF for some timely suggestions and interesting technical discussions :)
Momentum-based ZigZag (incl. QQE) NON-REPAINTINGI spent a lot of time searching for the best ZigZag indicator. Difficulty with all of them is that they are always betting on some pre-defined rules which identify or confirm pivot points. Usually it is time factor - pivot point gets confirmed after a particular number of candles. This methodology is probably the best when market is moving relatively slow, but when price starts chopping up and down, there is no way the ZigZag follows accurately. On the other hand if you set it too tight (for example pivot confirmation after only 2 or even 1 candle), you will get hundreds of zigzag lines and they will tell you nothing.
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!
Trading ABCHello Traders,
For a few months I have been getting requests from my followers about ABC pattern and finally I decided to make this indicator.
How it works?
- It creates Trend Cloud using Simple and Exponential moving averages with the lenghts 50, 100, 150, 200, 20, 40 by default and checks the trend. you can change the lengths as you wish
- It also creates ZigZag using the ZigZag Period in the options.
- Using last 2 zigzag waves it checks if there is suitable ABC pattern according the Trend, the Min/Max Fibonacci levels and Error Rate
- Then it check if the price bounces after this ABC pattern
- And if all these conditions met then it plot triangle
- If there are multiple bouncing then you can see multiple triangles
You can change/set;
- Zigzag Period
- Fibonacci Max level
- Fibonacci Min Level
- Error Rate
- The Lengths that are used for Moving Averages
- Keeping old ABC lines/labels
- Show Zigzag and min/max Fibonacci levels
- Show Trend Cloud
- and colors
if you don't want to see old ABC lines/labels you can disable it:
if you don't want to see Trend Cloud you can disable it:
Zigzag and Fibonacci levels:
P.S. if you have new ideas to improve this indicator then let me know please. We together can do this life easier!
Enjoy!
Average Zigzag Range (AZR)Here is an attempt calculate Average Zigzag Range (AZR). This can be used similar to ATR. Using AZR instead of ATR for trailing stop calculation may yield better outcome in trend trading.
Logic is simple.
Calculate zigzag based on ZigzagLength
Calculate distance between each zigzag pivots
Calculate simple moving average of last MALength pivots
Use DoubleMA option to further smooth AZR using a Secondary Moving Average
Zigzag CloudThis is Bollinger Band built on top of Zigzags instead of regular price + something more.
Indicator presents 7 lines and cloud around it. This can be used to visualize how low or high price is with respect to its past movement.
Middle line is moving average of last N zigzag pivots
Lines adjacent to moving average are also moving averages. But, they are made of only pivot highs and pivot lows. Means, line above moving average is pivot high moving average and line below moving average is pivot low moving average.
Lines after pivot high/low moving averages are upper and lower bolllinger bands based on Moving Average Line with 2 standard deviation difference.
Outermost lines are bollinger band top of Moving average pivot high and bollinger band bottom of moving average pivot low.
Weis Wave Volume NumbersWhat is it?
This is an indicator to complement @modhelius' Weis Wave Volume Indicator.
Original code has been modified to display wave volume (cumulative) numbers above or below the latest candle of the corresponding wave on the main pane. Since we are concerned only with relative volume, VOLUME NUMBERS HAVE BEEN SCALED DOWN. (If you need actual volume numbers, uncheck "Scale Down Volume" option in Settings). Rising wave volume is denoted in green. Falling wave volume is denoted in red. Developing wave volume is postfixed with a '_'. Confirmed wave volumes won't have this.
Who is it for?
This indicator is useful if you already use Weis Waves in your analysis and could do with an additional numerical representation of the wave volume on the main pane. Can be used in conjunciton with @modhelius' Weis Wave Volume (WWV) indicator (need to be added separately) to complement the visual representation of the waves. Can be used independently as well.
Pelase note that if you use any other Weis Wave indicator (other than @modhelius'), the numbers and the waveforms might not match.
