OPEN-SOURCE SCRIPT
Updated HTF Candle Extremes Zigzag (Drawn on LTF)
HTF Candle Extremes Zigzag (Drawn on LTF)
This indicator plots zigzag lines connecting the extremes (highs and lows) of Higher Timeframe (HTF) candles directly on your lower timeframe (LTF) chart. It visually highlights trend changes and HTF candle structure by drawing colored lines representing uptrends and downtrends based on HTF candle extremes.
"Key Features"
This indicator plots zigzag lines connecting the extremes (highs and lows) of Higher Timeframe (HTF) candles directly on your lower timeframe (LTF) chart. It visually highlights trend changes and HTF candle structure by drawing colored lines representing uptrends and downtrends based on HTF candle extremes.
"Key Features"
- Higher Timeframe Tracking: Select any HTF to track candle extremes using the built-in security function.
- Zigzag Lines: Connects HTF candle lows to highs in an intuitive zigzag pattern.
- Trend Indication: Uptrend lines are green, downtrend lines are red (customizable colors).
- Customizable Line Width: Adjust the thickness of the zigzag lines for better visibility.
- Drawn on Lower Timeframe: All lines appear on your active lower timeframe chart, allowing easy visual correlation.
"How It Works"
The script fetches the open, high, low, close, and time data of the specified HTF candle. It detects new HTF bars and identifies trend direction changes by comparing the highs and lows of consecutive HTF candles.
- When an uptrend is detected, vertical lines are drawn from low to high of the HTF candle, connected to the previous extreme low.
- When a downtrend is detected, vertical lines are drawn from high to low, connected to the previous extreme high.
- Transitions between trends are highlighted by connecting the last extreme of the previous trend to the current extreme, creating a clean zigzag pattern.
Usage Notes:
Ideal for traders who want to visualize HTF market structure and trend changes while analyzing price action on lower timeframes.
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© The_Forex_Steward
[Mozilla Public License 2.0](mozilla.org/MPL/2.0/)
Release Notes
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alerts addedOpen-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.