Zigzags — Indicators and Strategies

Zigzag Simple [SCL]🟩 OVERVIEW Draws zigzag lines from pivot Highs to pivot Lows. You can choose between three different ways of calculating pivots: • True Highs and Lows • Williams pivots • Oscillator pivots 🟩 HOW TO USE This indicator can be used to understand market structure, which is arguably the primary thing you need to be aware of when trading. The zigzag by itself does not display a market structure bias, nor any information about prices of pivots, HH and HL labels, or anything like that. Nevertheless, a simple zigzag is perhaps the easiest and most intuitive way to understand what price is doing. Choose a pivot style that you like, customise the colours and line style, and enjoy! 🟩 PIVOT TYPES EXPLAINED True Highs and Lows This is not an invention of mine (all credit to my humble mentor), but I haven't seen anyone else code them up. A true High is a close below the low of the candle with the highest high. A true Low is a close above the high of a candle with the lowest low. These are solid, price action-based pivots that can sometimes confirm quickly. Williams pivots This is how most people calculate pivots. They're simply the highest high for x bars back and x bars forwards. They're the vanilla of pivots IMO: serviceable but not very interesting. They're very convenient to code because there are built-in Pine functions for them: ta.pivothigh and ta.pivotlow . They confirm a predictable number of bars after they happen, which is great for coding but also makes the trader wait for confirmation. Oscillator pivots This is a completely different concept, which uses momentum in order to define pivots. For example, when you get a rise in momentum and momentum then drops a configurable amount, it confirms a pivot high, and vice versa for a pivot low. I don't know if anyone else does it –- although some indicators do mark pivots in momentum itself, and plenty do divergences, I wasn't able to find one that specifically marked *pivots in price* because of pivots in momentum 🤷‍♂️ Anyway, while this approach needs a whole investigation on its own, here we simply plot some pivots in a smoothed RSI. This indicator doesn't plot the actual momentum values -- for a more visual understanding of how this works, refer to the examples in the OscillatorPivots library. 🟩 UNIQUE ADVANTAGES In contrast to other zigzag indicators available, this one lets you choose between the standard and some more unique methods of generating the zigzags. Additionally, because it's based on libraries, it is relatively easy for programmers to use as a basis for experimentation. 🟩 GEEK STUFF Although there is considerable practical use for pivot-based zigzags in trading, this script is primarily a demonstration in coding -- specifically the power of libraries! Most of the script consists of setup, especially defining inputs. The final section sacrifices some readability for conciseness, simply to emphasise how little code you need when the heavy lifting is done by libraries . The actual calculations and drawing are achieved in just 8 lines. The equivalent code in the libraries is ~250 lines long. All libraries used are my own, public and open-source: • MarketStructure • DrawZigZag • OscillatorPivots

Absolute ZigZag This ZigZag Indicator is a bit unique in it's kind. It uses my own Absolute ZigZag Lib to calculate the pivots: Instead of using percentages or looking more than 1 bar left or right, this Zigzag library calculates pivots by just looking at the current bar highs and lows and the ones of one bar earlier. This is a very fast and accurate way of calculating pivots. The library also features a solution for bars that have both a higher high and a higher low like seen below. You can also use your own colors for the labels and the lines: You can also quickly select a one-colored theme without changing all colors at once:

ZigZag Smart Trend [TradingFinder] Major & Minor Structured Wave 🔵 Introduction 🟣 Zigzag Zigzag is a lagging indicator; this indicator identifies points on a price chart that have more significant changes than its previous wave and then by connecting these lines to each other, it assists traders in trend detection. This indicator reduces random price fluctuations and attempts to make the primary price trend clearer. 🟣 Pivot Pivots are points where the price chart changes direction. Pivots, also called reversal points, form when supply and demand forces dominate one another. Different types of technical analysis pivots can be introduced into two categories, minor pivots, and major pivots, each of which has a specific meaning in analysis. Major Pivot : These pivots actually indicate major changes in the direction of the chart and occur at the end of trends. Analysts seeking to reach the primary analysis focus more on major pivot points. In fact, most technical analysis tools are examined and determined based on major pivots. Minor Pivot : This type of pivot focuses more on small and subsidiary points and directions. Therefore, it occurs at the end of corrections. Analysts focusing on minor pivots represent small trends, and it should be noted that minor pivots are not suitable for use in primary technical tools. How to identify minor and major pivots : Minor pivots are pivots formed between two major pivots and fail to break the opposite major pivot. Major pivots are pivots that have either successfully broken the opposite pivot or have moved more than the previous pivot of the same type. 🔵 How to use Based on identifying pivots and drawing zigzag lines, you can have various uses for this indicator. Identifying support and resistance levels : Identifying Elliott Waves : Identifying classic patterns : Identifying pivots with higher validity : Identifying internal and external breakouts : Identifying trends and range areas : Identifying pivot types along with major and minor recognition : MHH : Major Higher High MLH : Major Lower High MLL : Major Lower Low MHL : Major Higher Low mHH : Minor Higher High mLH : Minor Lower High mLL : Minor Lower Low mHL : Minor Higher Low 🔵 Settings Pivot Period Zigzag Line : Using this input, you can determine the pivot period for identifying zigzag swings. Show Zigzag Line : To show or not to show the zigzag line. Zigzag Line Color : Change the color of the zigzag line. Zigzag Line Style : Change the Style of the zigzag line. Zigzag Line Width : Change the Width of the zigzag line. Show Label : To show or not to show Pivot Type. Color Label : Change the color of the Pivot Type Label.

ZigZag Multi [TradingFinder] Trend & Wave Lines - Structures 🔵 Introduction "Zigzag" is an indicator that forms based on price changes. Essentially, the function of this indicator is to connect consecutive and alternating High and Low pivots. This pattern assists in analyzing price changes and can also be used to identify classic patterns. "Zigzag" is an analytical tool that, by filtering partial price movements based on the specified period, can identify price waves across different time frames (short or long term). 🔵 Reason for Creation The combination of "short term zigzag" and "long term zigzag" enhances accuracy and reduces analysis time. In a time frame, "long term zigzag" represents the main trend, while "short term zigzag" depicts short-term waves. 🔵 How to Use After selecting the desired time frame and adding "zigzag" to the chart, begin utilization. Keep in mind to identify the main market trend from "long term zigzag" and the minor waves from "short term zigzag". 🟣 Important: Additionally, classic patterns such as HH, LH, LL, and HL can be recognized. All traders analyzing financial markets using classic patterns and Elliot Waves can benefit from the "zigzag" indicator to facilitate their analysis. 🔵 Settings Short term zigzag : In this section, you can adjust settings such as time frame range, display mode, color, and line width of the zigzag lines. Short term label : This section allows you to activate or deactivate the display of zigzag labels according to your needs. You can also customize their color and size. Long term zigzag : Here, you can adjust settings for time frame range, display mode, color, and line width of zigzag lines. Long term label : Similar to short term label settings. The recommended time frame for "long term zigzag" is between 9 to 15, and for "short term zigzag" is between 3 to 5. 🟣 Important Notes : Considering the different behaviors of financial markets and various time frames, it is recommended to experiment with different time frame settings when using "zigzag" to find the best settings for each symbol and time frame, thereby preventing potential errors. 🟣 Terminology Explanations : "HH": When the price is higher than the previous peak (Higher High). "HL": When the price is higher than the previous low (Higher Low). "LH": When the price is lower than the previous peak (Lower High). "LL": When the price is lower than the previous low (Lower Low).

Absolute ZigZag Lib Library "Absolute_ZigZag_Lib" This ZigZag Library is a Bit different. Instead of using percentages or looking more than 1 bar left or right, this Zigzag library calculates pivots by just looking at the current bar highs and lows and the ones of one bar earlier. This is the most accurate way of calculating pivots and it also eliminates lag. The library also features a solution for bars that have both a higher high and a higher low like seen below. You can also use your own colors for the labels and the lines. You can also quickly select a one-colored theme without changing all colors at once method isHigherHigh(this) Checks if current pivot is a higher high Namespace types: Pivot Parameters: this (Pivot) : (Pivot) The object to work with. @return (bool) True if the pivot is a higher high, false if not. method isLowerHigh(this) Checks if current pivot is a lower high Namespace types: Pivot Parameters: this (Pivot) : (Pivot) The object to work with. @return (bool) True if the pivot is a lower high, false if not. method isHigherLow(this) Checks if current pivot is a higher low Namespace types: Pivot Parameters: this (Pivot) : (Pivot) The object to work with. @return (bool) True if the pivot is a higher low, false if not. method isLowerLow(this) Checks if current pivot is a lower low Namespace types: Pivot Parameters: this (Pivot) : (Pivot) The object to work with. @return (bool) True if the pivot is a lower low, false if not. method getLastPivotHigh(this) Gets the last Pivot High Namespace types: Pivot Parameters: this (Pivot ) : (array) The object to work with. @return (Pivot) The latest Pivot High method getLastPivotLow(this) Gets the last Pivot Low Namespace types: Pivot Parameters: this (Pivot ) : (array) The object to work with. @return (Pivot) The latest Pivot Low method prev(this, index) Namespace types: Pivot Parameters: this (Pivot ) index (int) method last(this, throwError) Namespace types: Pivot Parameters: this (Pivot ) throwError (bool) new(highFirst, theme) Parameters: highFirst (bool) theme (Theme) getLowerTimeframePeriod() Theme Used to create a (color) theme to draw Zigzag Fields: colorDefault (series color) colorNeutral (series color) colorBullish (series color) colorBearish (series color) coloredLines (series bool) Point Used to determine a coordination on the chart Fields: x (series int) y (series float) Pivot Used to determine pivots on the chart Fields: point (Point) isHigh (series bool) isHigher (series bool) ln (series line) lb (series label)

Weis Wave Volume Numbers What 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.

Multi ZigZag I created this as basis for my next scripts. We are just trying to plot multiple zigzags with different length basis here. Input allows you to select different Length , Width , Color and Line Style for each Zigzags. Max_pivot_size says how many pivots each Zigzag can have. Value 100 means, each zigzag will show 99 lines joining 100 points. Additional option ShowStatsTable allows you to print pivots in a table. Table only shows selected zigzags.

ZigZag Supertrend Back to my favourite supertrend. But, this time on the basis of zigzag pivots. This is similar to forming supertrend based on pivot high lows - but instead of using pivot poitns, we are using zigzag pivots here. Zigzag is derived using the same method as this script: But, have removed labels and display options of zigzag. Older lines are also immediately deleted so that it can work well in lower timeframes without any error. Number of zigzaglines to be kept in memory depends on the parameter History WaitForConfirmation option when selected only considers the confirmed zigzaglines and will ignore present zigzag line which is forming. This is not going to make much difference as the present zigzag line will be always opposite to low or high it formed and hence will not affect the stop loss levels or reversals. WaitForClose is for supertrend determination. When checked uses close prices. If unchecked uses highs and lows for supertrend direction update. ATR parameters allow you to set an adjustment below pivot high lows. This is required because support and resistence are often zones rather than single point. Hence, adds bit more wiggle room for trend continuation and delays frequent reversals on pullbacks.

ZigZag - lucemanb THIS CODE IS BASED FROM THE MT4 ZIGZAG INDICATOR THE ZIGZAG SETTINGS FOR THE MAIN ONE ON TRADINGVIEW DO NOT WORK THE SAME AS MT4 I HOPE U LOVE IT I have had tons of experience on the ZIGZAG indicator and thought this might help someone. Enjoy this code. Zigzag is a good indicator in many ways and people underestimate it because of its repainting Check out some work ave done with this script. This is some intense angle trading requested by someone

Trend Direction Helper (ZigZag and S/R and HH/LL labels)Hey everyone First of all, I'd like to thank Ricardo Santos, Backtest Rookies for the inspiration for this script. Actually, most of it is coming from them and I only mixed them up (and added my secret sauce ^^). If some of you are not thinking about a trading secret sauce, please get serious for a moment :) Some of you asked me how I do to set the trend direction. You all understood that if you get an UP label, then the price should go up and vice-versa for down. But it's not so easy to define the good signals for each asset and each timeframe. I'm going to repeat what I said yesterday because ... well... that's what trading is about So quoting myself here "The inputs set by default will have to be changed for your asset/timeframe and can't be generic for everything. You have to play with the inputs until the signals will make sense to you The indicator/strategy with a unique configuration that you'll never check or update according to the market condition DOES NOT exit. " BUT... a bit of patience and practice and you might do wonders. The Method I never realized until now but by connecting the higher highs/lower lows, I was drawing zigzag lines. The Zig Zag Master is Ricardo Santos . Please give him a follow, he's awesome For those who don't want to draw on the chart or (my preferred choice) need some inspiration to define your trend directions, this script is for YOU (and your family, your pet, your girlfriend/boyfriend, ...) I think that each asset/timeframe chart has its own history. What worked in a post could work in the future. In that regard, if a trend direction worked in the past, that's the parameter that I'll use to trade with it in a demo account and make sure it's relevant. If not then I will adjust If you're trading with new indicators or a new method right away on your real trading account, you're gonna have a bad time imgflip.com Lines EVERYWHERE The script draws the classical horizontal pivots + the zig zag lines + the Higher Highs/Lower Lows label in just 1 script. I'm very excited to share a script (on which I coded 100 lines out of 500) but no one else did it The horizontal pivots part are coming from Backtest Rookies For more security, you can add a pullback on a moving average after getting a signal. Pullbacks are necessary to limit any eventual loss or maximize your gains by getting in the trend sooner. I really give you a solid method and a great script in my opinion. 6 years of experience given away for FREE :p (when Dave will start thinking as a business man instead :O) Does it repaint ? Getting this question twice a day. You guys are obsessed with the repainting :) Short answer, yes because it will calculate the pivots and zig zags whenever new higher highs/lower lows will be formed. However, the trend direction code is based on the candle close so it shouldn't repaint. If it does, please let me know See you all on Monday Love you all Dave ____________________________________________________________ Be sure to hit the thumbs up. Building those indicators take a lot of time and likes are always rewarding for me :) (tips are accepted too) - If you want to suggest some indicators that I can develop and share with the community, please use my personal TRELLO board - I'm an officially approved PineEditor/LUA/MT4 approved mentor on codementor. You can request a coaching with me if you want and I'll teach you how to build kick-ass indicators and strategies Jump on a 1 to 1 coaching with me - You can also hire for a custom dev of your indicator/strategy/bot/chrome extension/python Disclaimer: Trading involves a high level of financial risk, and may not be appropriate because you may experience losses greater than your deposit. Leverage can be against you. Do not trade with capital that you can not afford to lose. You must be aware and have a complete understanding of all the risks associated with the market and trading. We can not be held responsible for any loss you incur. Trading also involves risks of gambling addiction. Please notice I do not provide financial advice - my indicators, strategies, educational ideas are intended to provide only some source code for anyone interested in improving their trading The proprietary indicators and strategies developed by Best Trading Indicator, the object of intellectual property rights are and remain the exclusive property of Best Trading Indicator, at the exclusion of images and videos and texts free of rights or provided by the Company or external legal or physical person. No assignment of intellectual property rights is carried out through these Terms and Conditions. Any total or partial reproduction, modification or use of these properties for any reason whatsoever is strictly prohibited without the express written authorization of the Company.