Another ZigZag, yes...
I believe though this concerns another angle/principle, therefore I wanted to share
How does it work?
Given:
Let's say this is the latest found 'lower low' (LL - blue dot under bar):
This bar has been triggered because 3 bars closed under low of previous 'trigger bar' (TB )
The high and low of this new TB will act as triggers
(aqua blue lines, seen in image above)
Then there are 2 options:
- again 3 bars closes under the latest TB , in that case the TB moves to that new LL.
- 3 bars closes higher than the high of previous TB
The high and low of this new TB act again as trigger
If a new TB LL/HH is found, the script checks previous LL/HH
and searches the highest/lowest point in between.
If necessary, the temporary highest/lowest will be adjusted:
Another example:
The last 2 points can change (repaint).
Yellow coloured lines/labels are set and won't change anymore.
Concluded:
In case of these settings:
*source for level breach -> close
*X breaches -> 3
once a new TB is found, the high and low act as trigger lines
- when 3 bars closes under that low, a new LL is found, this will be the new TB
- when 3 bars closes above that high, a new HH is found, this will be the new TB
and so on...
Settings:
This ZZ can be used for Harmonic patterns, Trend evaluation, support/resistance,...
In this script, I also used new features
- text_font_family = font.family_monospace -> link
- display=display.pane -> link
Cheers!
I believe though this concerns another angle/principle, therefore I wanted to share
How does it work?
Given:
- source for level breach -> close
- X breaches -> 3
Let's say this is the latest found 'lower low' (LL - blue dot under bar):
This bar has been triggered because 3 bars closed under low of previous 'trigger bar' (TB )
The high and low of this new TB will act as triggers
(aqua blue lines, seen in image above)
Then there are 2 options:
- again 3 bars closes under the latest TB , in that case the TB moves to that new LL.
- 3 bars closes higher than the high of previous TB
The high and low of this new TB act again as trigger
If a new TB LL/HH is found, the script checks previous LL/HH
and searches the highest/lowest point in between.
If necessary, the temporary highest/lowest will be adjusted:
Another example:
The last 2 points can change (repaint).
Yellow coloured lines/labels are set and won't change anymore.
Concluded:
In case of these settings:
*source for level breach -> close
*X breaches -> 3
once a new TB is found, the high and low act as trigger lines
- when 3 bars closes under that low, a new LL is found, this will be the new TB
- when 3 bars closes above that high, a new HH is found, this will be the new TB
and so on...
Settings:
- source for level breach -> close or high/low - H/L
- X breaches -> 1 -> 10
- line style -> solid, dotted, dashed
- show level breaches -> new found TB (blue/lime coloured)
- show Support/Resistance (lines at the right)
- repaint warning can be removed
- show labels/lines
This ZZ can be used for Harmonic patterns, Trend evaluation, support/resistance,...
In this script, I also used new features
- text_font_family = font.family_monospace -> link
- display=display.pane -> link
Cheers!
Notes de version
Added extra prevention of repaint (yellow lines/labels), using barstate.isconfirmedThank you neviswealth for making me aware 🙏🏻
Notes de version
Added "line color" option Script open-source
Dans l'esprit de TradingView, le créateur de ce script l'a rendu open-source, afin que les traders puissent examiner et vérifier sa fonctionnalité. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais n'oubliez pas que la republication du code est soumise à nos Règles.
Who are PineCoders?
tradingview.com/chart/SSP/yW5eOqtm-Who-are-PineCoders/
TG Pine Script® Q&A: t.me/PineCodersQA
- We cannot control our emotions,
but we can control our keyboard -
tradingview.com/chart/SSP/yW5eOqtm-Who-are-PineCoders/
TG Pine Script® Q&A: t.me/PineCodersQA
- We cannot control our emotions,
but we can control our keyboard -
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit de TradingView, le créateur de ce script l'a rendu open-source, afin que les traders puissent examiner et vérifier sa fonctionnalité. Bravo à l'auteur! Vous pouvez l'utiliser gratuitement, mais n'oubliez pas que la republication du code est soumise à nos Règles.
Who are PineCoders?
tradingview.com/chart/SSP/yW5eOqtm-Who-are-PineCoders/
TG Pine Script® Q&A: t.me/PineCodersQA
- We cannot control our emotions,
but we can control our keyboard -
tradingview.com/chart/SSP/yW5eOqtm-Who-are-PineCoders/
TG Pine Script® Q&A: t.me/PineCodersQA
- We cannot control our emotions,
but we can control our keyboard -
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.