Here Double Zig Zag with HHLL script is with you. it calculates 2 Zig Zag simultaneously and draws them, and also it calculates and puts Higher High, Lower Low, Higher Low, Lower High labels. All these are done dynamically, it means last HH/HL/LL/LH can change. if price continues to go up then HL can turn to LL or if price continues to go down then LH can turn to HH. This script can be used for different purposes such trend analysis, support/resistance levels, breakouts etc.
I tried to make many things optional: You can set Periods for Zig Zags as you wish You can set different colors for both Zig Zag Up/Down lines You have option to show both Zig Zag, one of them or none them You have option to show both HHLL, one of them or none them You can set Zig Zag 1 line style as Dashed or Dotted You can set Line Widths for Zig Zags
Some examples:
Enjoy!
Notes de version
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Label colors changed by the trend as HH/HL shows the uptrend and LL/LH shows the downtrend. "Text Color" option added for the text in labels.
Notes de version
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both Zigzag parts improved unnecessary variables removed from the algorithm
Great work as always. Is it possible to add percentage value to labels according to the previous movement? For example %61.8 or %127.
luizfrancojr
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THIS IS AWESOME! Thank you very much. Does anyone know how to make it send different alerts when HH, LL, LH or HL occur in the current candle?
iamcwill
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@luizfrancojr, Did you ever figure out how to activate the alerts?
PedroFibonacci
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Hello! I really liked your work here. Do you know how to make something like a WeisWave indicator, based on this script? Something to sum in a histogram the accumulated volume in each zig-zag legs?
I can pay you some little donation if you develop this.
Thank you! Waiting for your answer.