[_ParkF]MDRPThis indicator indicates that 'Momentum Discrepancy Reversal Point' = 'MDRP'.
Mixing and modifying several general indicators to find support and resistance
It is created to predict the change point of the trend by overlaying it on the chart.
The 4 support and resistance lines are drawn live, and the changed support and resistance lines are
It erases the line and overlays it again with a new line.
For each support and resistance , you can modify the color or line thickness, number of expressions, etc. in the input menu.
1. _____RSI-SR
Based on Wilder's RSI formula, overbought and oversold
Changes are detected and overlaid on the chart in the form of 2 resistances and 2 supports.
2. _____STOCHRSI-SR
Using the general stochastic and Wilder's RSI calculations,
Detect changes in overbought and oversold areas
It overlays the chart in the form of 1 resistance and 1 support.
3. _____PV-SR
Pivot-based support and resistance will be overlaid on the chart,
By default, 10 pivot lines are drawn, but by modifying the count in the input menu,
You can modify the number of overlays.
4. _____FVG
'Fair value gaps' refers to gaps within consecutive candles.
This section is overlaid in the form of a box,
The default is to draw 10 FVG boxes, but set count in the input menu.
You can modify the number of overlays by editing.
5. _____ZIGZAG
This is to find MDRP by overlaying the low and high prices of the current trend on the chart.
ZIGZAG labels near supports and resistances of 1, 2, 3 and 4 can increase the reliability of the MDRP.
The default value of live in the input menu is true, but if it is false, the closing price is checked and drawn.
Reduce false signals.
6. _____ICHIMOKU
The 5 lines of ICHIMOKU were overlaid with the default values of 9, 26, 52, 26,
Lines other than LeadLine A and B that are overlaid on the chart are overlaid on the chart only as much as the period value of each line.
* The _____FVG indicator cited the source of 'makuchaku'.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
이 지표는 'Momentum Discrepancy Reversal Point' = 'MDRP'를
찾기 위해 여러개의 일반적 지표들을 혼합, 수정하여 지지와 저항의 형태로
차트에 overlay 시켜 트렌드의 변화 지점을 예측 하기 위해 만들어졌습니다.
4개의 지지와 저항선은 실시간으로 그려지게 되며, 변화된 지지와 저항은 기존의
선을 지우고 새로운 선으로 다시 표시 됩니다.
각 지지와 저항은 input 메뉴에서 색 또는 선의 두께, 표현할 개수 등을 수정할 수 있습니다.
1. _____RSI-SR
Wilder's RSI 계산식을 기반으로 과매수, 과매도 영역에서의
변화를 감지하여 2개의 저항과 2개의 지지의 형태로 차트에 표시 됩니다.
2. _____STOCHRSI-SR
일반적 스토캐스틱과 Wilder's RSI의 계산식을 이용하여
과매수, 과매도 영역에서의 변화를 감지하여
1개의 저항과 1개의 지지의 형태로 차트에 표시됩니다.
3. _____PV-SR
Pivot을 기반으로 한 지지와 저항을 차트에 표시 하게 되며,
기본값은 10개의 Pivot선이 그려지게 되지만 input 메뉴에서 count를 수정하여
표시할 개수를 수정할 수 있습니다.
4. _____FVG
'Fair value gaps'는 연속된 캔들 안에서의 갭 구간을 말합니다.
이 구간을 박스의 형태로 표시한 것이며,
기본값은 10개의 FVG 박스가 그려지게 되지만 input 메뉴에서 count를
수정하여 표시할 개수를 수정할 수 있습니다.
5. _____ZIGZAG
현재 트렌드의 저가와 고가를 차트에 표시하여 MDRP를 찾기 위한 것으로
1, 2, 3, 4의 지지와 저항 부근에서의 ZIGZAG 라벨은 MDRP의 신뢰도를 높혀줄 수 있습니다.
input 메뉴에서의 live 기본값은 체크되어 있지만 체크를 해제하면 종가를 확인하고 그려지기에
거짓 신호를 줄일 수 있습니다.
6. _____ICHIMOKU
ICHIMOKU의 5개의 선은 기본값인 9, 26, 52, 26으로 표시하였으며,
차트에 표시되는 선행스팬 1과 2를 제외한 전환선, 기준선, 후행스팬은 각 선의 기간값만큼만 차트에 표시 되게 하였습니다.
Vagues d'Elliott
[_ParkF]MDRPThis indicator indicates that 'Momentum Discrepancy Reversal Point' = 'MDRP'.
Mixing and modifying several general indicators to find support and resistance
It is created to predict the change point of the trend by overlaying it on the chart.
The 4 support and resistance lines are drawn live, and the changed support and resistance lines are
It erases the line and overlays it again with a new line.
For each support and resistance, you can modify the color or line thickness, number of expressions, etc. in the input menu.
1. _____RSI-SR
Based on Wilder's RSI formula, overbought and oversold
Changes are detected and overlaid on the chart in the form of 2 resistances and 2 supports.
2. _____STOCHRSI-SR
Using the general stochastic and Wilder's RSI calculations,
Detect changes in overbought and oversold areas
It overlays the chart in the form of 1 resistance and 1 support.
3. _____PV-SR
Pivot-based support and resistance will be overlaid on the chart,
By default, 10 pivot lines are drawn, but by modifying the count in the input menu,
You can modify the number of overlays.
4. _____FVG
'Fair value gaps' refers to gaps within consecutive candles.
This section is overlaid in the form of a box,
The default is to draw 10 FVG boxes, but set count in the input menu.
You can modify the number of overlays by editing.
5. _____ZIGZAG
This is to find MDRP by overlaying the low and high prices of the current trend on the chart.
ZIGZAG labels near supports and resistances of 1, 2, 3 and 4 can increase the reliability of the MDRP.
The default value of live in the input menu is true, but if it is false, the closing price is checked and drawn.
Reduce false signals.
6. _____ICHIMOKU
The 5 lines of ICHIMOKU were overlaid with the default values of 9, 26, 52, 26,
Lines other than LeadLine A and B that are overlaid on the chart are overlaid on the chart only as much as the period value of each line.
* The _____FVG indicator cited the source of 'makuchaku'.
------------------------------------------------------------------------------------------------------------------------------------------------------------------------
이 지표는 'Momentum Discrepancy Reversal Point' = 'MDRP'를
찾기 위해 여러개의 일반적 지표들을 혼합, 수정하여 지지와 저항의 형태로
차트에 overlay 시켜 트렌드의 변화 지점을 예측 하기 위해 만들어졌습니다.
4개의 지지와 저항선은 실시간으로 그려지게 되며, 변화된 지지와 저항은 기존의
선을 지우고 새로운 선으로 다시 표시 됩니다.
각 지지와 저항은 input 메뉴에서 색 또는 선의 두께, 표현할 개수 등을 수정할 수 있습니다.
1. _____RSI-SR
Wilder's RSI 계산식을 기반으로 과매수, 과매도 영역에서의
변화를 감지하여 2개의 저항과 2개의 지지의 형태로 차트에 표시 됩니다.
2. _____STOCHRSI-SR
일반적 스토캐스틱과 Wilder's RSI의 계산식을 이용하여
과매수, 과매도 영역에서의 변화를 감지하여
1개의 저항과 1개의 지지의 형태로 차트에 표시됩니다.
3. _____PV-SR
Pivot을 기반으로 한 지지와 저항을 차트에 표시 하게 되며,
기본값은 10개의 Pivot선이 그려지게 되지만 input 메뉴에서 count를 수정하여
표시할 개수를 수정할 수 있습니다.
4. _____FVG
'Fair value gaps'는 연속된 캔들 안에서의 갭 구간을 말합니다.
이 구간을 박스의 형태로 표시한 것이며,
기본값은 10개의 FVG 박스가 그려지게 되지만 input 메뉴에서 count를
수정하여 표시할 개수를 수정할 수 있습니다.
5. _____ZIGZAG
현재 트렌드의 저가와 고가를 차트에 표시하여 MDRP를 찾기 위한 것으로
1, 2, 3, 4의 지지와 저항 부근에서의 ZIGZAG 라벨은 MDRP의 신뢰도를 높혀줄 수 있습니다.
input 메뉴에서의 live 기본값은 체크되어 있지만 체크를 해제하면 종가를 확인하고 그려지기에
거짓 신호를 줄일 수 있습니다.
6. _____ICHIMOKU
ICHIMOKU의 5개의 선은 기본값인 9, 26, 52, 26으로 표시하였으며,
차트에 표시되는 선행스팬 1과 2를 제외한 전환선, 기준선, 후행스팬은 각 선의 기간값만큼만 차트에 표시 되게 하였습니다.
ZigZag Channel with projection forecastThis indicator is created on top of existing Zigzag indicator .
The projection channel starts at the end of the last ZigZag line.
Disclaimer
Success in trading is all about following your trading strategy and indicators should fit into your own strategy, and not be traded purely on.
This script is for informational and educational purposes only. Use of the script does not constitute professional and / or financial advice. You are solely responsible for evaluating the outcome of the script and the risks associated with using the script. In exchange for the use of the script, you agree not to hold monpotejulien TradingView user responsible for any possible claims for damages arising out of any decisions you make based on the use of the script.
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.
ZigZag OrderBlock Retracement█ INTRODUCTION
What is an OrderBlock? It is simply Price where Banks (or Large Financial Entities) have Bought or Sold heavily (Support or Resistance Institutional Zone).
Our job as a trader is to monitor what the Banks and/or Large Investors are doing then patiently wait and have the opportunity to surf in their direction.
Large Financial Entities Buy during Price drops to get the best purchase Price. The Bank are acting a bit like us in our everyday life,
When we want Buying something, we always try to Buy it at the best price. And when we Sell, take the example of a used Car, we will systematically
try to Sell it at the highest possible Price. The Price of convertible Cars goes down during the Winter and goes up during the Summer.
So to make the best operation, if you Buy a second-hand convertible you will prefer to Buy it during the Winter and Sell it immediately in the Summer
and not Vice versa. So the way Large Institution act is exactly the same, it will expect the Price to Buy the fall and they will wait until
the Price rises in order to Sell. This is how the Profits will be made. The mistake that many Traders makes when they Trade emotionally is to act
in the opposite way of what they will do in everyday life. When we trade emotionally, we see the Price fall, instead of Buying while the Price drops we Sell.
In a similar emotional based act when the Price goes up we Buy, while when the Price goes up it's the best opportunity to Sell. So all the big moves
that you can watch on your different Instruments are the result of Banks or other Large Financial Entities. As Individuals, we do not have the necessary
“Strike Force” to create this type of movement. However, it is important to note that when Banks or Large Entities create this type of movement,
they do so despite theirs willing, they would love to be able to hide but luckily for us they can’t. When Billions of Dollars are Invested in Trades,
the effect can’t be concealed and as a result we will observe the impact on the market then as an Individual we’ll be able to see that on our Charts.
There are many ways to locate these areas of interest. But as they say, all roads lead to Rome. The purpose remains the Price Study
and in particular the movements of strong amplitude on the Chart. Large Financial Entities will keep acting in the same Price areas, Or at least we can say
that there's a high probability for them to intervene in these zones. Therefore, rather than chasing the Price moves and then to endure a counter move,
we will patiently wait until the Price returns to these areas on the basis that Banks and, or Large Entities will accumulate on their Positions
and are going to Sell and Buy in the same Price areas. Keep in mind that this logic works no matter what TimeFrame is used. However when the have Analysis
on Small TimeFrame (between M15 and H1) will make the movements observed between 20 and 50 Pips. Whereas if we look at H4 or Daily,
we can really see movements of 100 or even 200 Pips.
█ OVERVIEW
The ZigZag Indicator is used to illustrate Trend Lines without taking into account intermediate Retracements.
In a way, it allows you to get to the point by giving a simplified view of the evolution of Prices by eliminating "parasitic" movements, and thus to Position
and unwind Positions at the appropriate times. It is part of the category of Trend Indicators. We will simply define a Level of Price variation below which
they will not be taken into account by the indicator. This will eliminate all minor fluctuations, depending on the desired sensitivity.
The Indicator can only have 2 directions, Up or Down. For example, setting the Indicator to 5% (ZigZag Length ) will eliminate all variations below 5%.
If the Trend is Bullish and the Indicator therefore oriented in the same direction, Prices will have to fall by at least 5% for the direction
of the ZigZag to reverse Downward. Why using ZigZag to search for our OrderBlock? ZigZag makes it possible to clearly identify the current Trend as well
as significant Reversals and therefore have a much clearer vision of the actions carried out by Banks / Large Entities. However, it is drawn up
a posteriori and therefore does not make it possible to predict the evolution of Prices. The turning points are Indicated with a delay proportional
to the chosen sensitivity. The indicator calculates the Lowest Price over the given Period and eliminates Prices that are below the minimum requested
Array Size. Then, it calculates the Highest Price over the given Period and eliminates the Prices that are below the minimum requested Array Size.
Finally, it draws the Trend Line that connects the High and Low points determined previously and use the sum of the two to determinate the Range area.
█ HOW TO INTERPRET?
• The Indicator creates Lines that demonstrate past Retracements and current Pivots Levels to get a clearer view of the next Retracement area
using the Lines from the Last High and Low Pivots to determine which Take-Profit or Stop-Loss set.
• The "OrderBlocks" are detected based on the Pivots founds. You can display the Prices and use theses to help you set your Take-Profit during Retracement.
• Possibility to display the Levels of detected Pivots point. This can permit to dispense with the use of Elliot Waves or the use of a Fibonacci.
• Donchian ZigZag Channels to be sure to always have seen the extremities of the Top, Bottom and Range area.
• The ZigZag Length is set to 5 by default. You will have to adjust it according to selected TimeFrame or Financial Instrument used.
• The ZigZag has 3 adjustable colors:
-Green = Bullish Trend
-Red = Bearish Trend
-Orange = Range Zone
It is not advisable to enter Position when the ZigZag color indicates a Range Zone.
- OrderBlocks
- ZigZag + Pivots Point
- Donchian ZigZag Channel
█ ALERTS
Following the request of many users on our other script concerning the late arrival of Alerts for detected OrderBlocks (on Institutional OrderBlock Pressure), we fixed this problem here with the arrival INSTAN and CONFIRM ALERTS .
█ NOTES
- This script is not beginner's Level and is intended for Traders with advanced knowledge of ZigZag and the work of Michael j. Huddleston on the OrderBlocks.
Good Trade everyone and remember, risk management remains the most important!
TradeChartist Actuator™TradeChartist Actuator is an extremely functional indicator that converts the price action volatility and momentum into a meaningful trading system (based on user defined Standard Deviation Factor), that consists of expanding/contracting Volatility Range Bands, Dynamic Trend Support/Resistance Bands and 2 types of Breakout Signals in a visually stunning design. The script also neatly packs in ZigZag & manual/automatic Fibonacci Retracement tools, option to filter the signals using an external filter and other useful extras like ™TradeChartist Dollar Candles and much more.
===================================================================================================================
™TradeChartist Actuator User Manual
█ Actuator Range Bands
Actuator Range Bands consists of a Mean line, an Upper Band and a Lower Band which are based on user defined Standard Deviation Factor (Default - 1.618, Min - 0.5, Max - 2). The 1.618 factor works extremely well as the unnecessary volatility data of the bands are eliminated by Actuator's logic. In my personal tests, 1.618 works consistently better than any other value in visually showcasing the true volatility range. By eliminating the unnecessary volatility data from the original non-stabilized bands, Actuator helps detect price momentum by detecting two types of breakouts.
Bands Breakout - Filtered
When the price breaks out of the upper or lower band after a trend, there is a strong possibility of a reversal especially when the volatility expansion/contraction takes place. This is detected using a built in filter with the Filtered Bands Breakout and the user can choose to use the closing price or High/Low price as the trigger for breakouts. This trade setup is very useful especially at zones where the Actuator Range Bands contract or squeeze after an expansion as shown in the OANDA:XAUUSD 1hr chart below.
Also, after a consistent expansion of the bands with price trending in the upper channel or the lower channel, users can spot good profit taking or Short trade opportunities with confirmation of overbought price and if possible a strong bear divergence as show in the BINANCE:LUNAUSDTPERP 1hr chart below.
It can be seen from the chart above that even though Actuator is designed to detect Extreme Bands Breakout using High/Low price, it is done with a little bit of filtering by the script logic and hence didn't generate a Bear signal at the lower band support zone.
Mean Breakout - Filtered
In most Mean Reversion models, mostly oscillators, the mean plays an important role in helping traders predict the price dynamic, but it also presents a challenge whether that mean will act as support or resistance so the trader can take a position that will have a high probability of success. Filtered Mean Breakout helps exactly to identify the price dynamic at the mean zone and helps reduce the dilemma. Actuator uses Volatility Trend and Momentum of the price action at mean to determine Bull/Bear breakouts. Following NASDAQ:AAPL 1hr chart shows an example of 2 instances of Filtered Mean Breakout detection, one bull and one bear and further area where no Breakout was detected in spite of price crossing the mean.
This Breakout type is really helpful in spotting early moves and also reduces the high volatility risk of Extreme Bands Breakout in some cases.
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█ External Filter
Actuator breakout signals can be further filtered using the feature of connecting an external signal as a trade filter.
External filter like RSI , MACD etc. can be used to filter breakouts by connecting to ™TradeChartist Actuator under ╔═══ 𝗣𝗹𝘂𝗴 𝗙𝗶𝗹𝘁𝗲𝗿 𝗵𝗲𝗿𝗲 ═══ 🔌 dropdown by enabling 𝐔𝐬𝐞 𝐄𝐱𝐭𝐞𝐫𝐧𝐚𝐥 𝐅𝐢𝐥𝐭𝐞𝐫.
To get the external filter to work, 𝐒𝐢𝐠𝐧𝐚𝐥 𝐓𝐲𝐩𝐞 must be set right. For plots that are non oscillatory like Moving Averages, Super Trend etc., choose type as Non Oscillatory and for Oscillators like RSI , CCI , MACD etc., choose type as Oscillatory .
For Oscillators, levels must be specified for 𝐎𝐬𝐜𝐢𝐥𝐥𝐚𝐭𝐨𝐫 𝐁𝐮𝐥𝐥 𝐅𝐢𝐥𝐭𝐞𝐫 𝐯𝐚𝐥𝐮𝐞 and 𝐎𝐬𝐜𝐢𝐥𝐥𝐚𝐭𝐨𝐫 𝐁𝐞𝐚𝐫 𝐅𝐢𝐥𝐭𝐞𝐫 𝐯𝐚𝐥𝐮𝐞, especially if the Oscillator doesnt have 0 as midline, like RSI . Even for 0 mid oscillators like CCI , filter levels like 100/-100 work effectively to filter noise.
Use 𝐁𝐮𝐥𝐥/𝐁𝐞𝐚𝐫 𝐁𝐚𝐜𝐤𝐠𝐫𝐨𝐮𝐧𝐝 𝐅𝐢𝐥𝐥 under Actuator Visuals section to paint the trade zones background. It helps visually see the effect of filters on the breakout entries and also the trade performance.
The following chart shows the Filter settings with ™TradeChartist Momentum Drift Oscillator connected to Actuator as Oscillatory signal with filter values 0.
The two example charts of 1hr BINANCE:BTCUSDT below shows the difference in Actuator signals based on Oscillatory signal from ™TradeChartist Momentum Drift Oscillator and the difference can be seen from the highlighted Bull/Bear Background Fill.
Without External Filter
With External Filter
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█ Dynamic Trend Support/Resistance Bands
In addition to Volatility Range Bands, Actuator also plots Dynamic Trend Support and Resistance bands that are more sensitive to price action and helps the user determine growing support/resistance which is indicated by coloured dots. These dots normally appear when the Support or Resistance stays at the same level for a few bars and change between Bull and Bear colours based on how the price interacts with them as shown below.
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█ Useful Trade Tools
™TradeChartist Dollar Candles
Dollar Candles help detect the volatility exhaustion prices and plots $ signs to help the trader take profits or move stop loss levels to secure gains. The $ signs do not appear for every trade zone, but whenever price hits a critical level, it shows up above price bar (for Bull trend) or below price bar (for Bear trend) in real time. Users can also set alerts for Dollar Candles with Once Per Bar setting. The Daily NASDAQ:TSLA chart below shows the Dollar Candles on both Bull and Bear trends.
It is important to note that taking pockets of profits on a leveraged trade position or moving up stop loss to maximize trend gains at $ candles will help increase Average Profitability Per Trade (APPT) .
Bull/Bear Background Fill
Bull/Bear Background Fill paints the trade zones in Bull and Bear colours. This helps visualize the difference in trade zones when testing various settings and also helps analyze past performance of Actuator Signals with or without the use of External Filter.
Entry Stop Loss Reference
Reference zone for stop loss has always been a tricky one for traders. Using a fixed percentage stop at entry may not be best during high volatility moves. Over the extensive period of Actuator testing, a simple solution to this problem was found. The previous trend's Range Bands Mean Line served as a perfect reference point for Entry Stop. Also while analysing this Mean line, it was found to be a perfect horizontal support/resistance line and also helped detect unproductive trades. The example 15m chart of NASDAQ:AMD shows how the Entry Stop Loss Reference performed.
Stop Line Touch Points plot orange touch points on the Stop Line whenever the price hits it during the trade.
Actuator Colour Bars
Actuator Colour Bars paints the Momentum Strength on the price bars. This helps visually see the price bars venturing into the Overbought or the Oversold zones. Also, this feature also helps spot divergences as higher highs or lower lows with less intense Bull/Bear colour than the previous high/low shows diminishing momentum as shown in the 1h chart of OANDA:GBPJPY below.
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█ ZigZag & Fibonacci Toolkit
Actuator plots developing and completed ZigZags based on Bull and Bear trend depending on the Breakout Type and Breakout Price from the settings.
Option to enable or disable 𝐙𝐢𝐠𝐙𝐚𝐠 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐨𝐫 which can be helpful for Harmonic traders.
Option to display 𝐙𝐢𝐠𝐙𝐚𝐠 𝐇𝐢𝐠𝐡𝐬/𝐋𝐨𝐰𝐬 and 𝐑𝐒𝐈 𝐚𝐭 𝐇𝐢𝐠𝐡𝐬/𝐋𝐨𝐰𝐬 in one of two styles.
Two types of Fibonacci to choose from - 𝐀𝐮𝐭𝐨-𝐅𝐢𝐛𝐬 and 𝐅𝐢𝐛𝐬 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐋𝐨𝐨𝐤𝐛𝐚𝐜𝐤.
𝐀𝐮𝐭𝐨-𝐅𝐢𝐛𝐬 option plots Auto Fibonacci levels based on Bull/Bear trend depending on user specified Breakout Type and Breakout Price.
𝐅𝐢𝐛𝐬 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐋𝐨𝐨𝐤𝐛𝐚𝐜𝐤 plots Fibonacci levels based on the highest high and lowest low of the lookback period (𝐃𝐚𝐲𝐬 or 𝐂𝐚𝐧𝐝𝐥𝐞𝐬).
Fibonacci levels can be reversed by enabling 𝐑𝐞𝐯𝐞𝐫𝐬𝐞 from settings.
Enabling 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐏𝐫𝐢𝐜𝐞 𝐅𝐢𝐛 𝐋𝐚𝐛𝐞𝐥 displays the current Fib level of the developing price bar.
Option to customize Fib levels and colours.
4hr chart of BINANCE:BTCUSDT showing Auto Fibonacci levels, Zig-Zag with Trend High/Lows, Zig-Zag connectors with Fib Ratios and RSI at Trend High/Low prices.
Note:
If momentum doesn't slow down, the fibs can extend beyond 1 and may continue way beyond 4.618 fib level. These are quite rare depending on how distant the near high/low is based.
ZigZag and Fibonacci are good reference indicators and should always be used as confirmations rather than standalone indicators.
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█ Actuator Colour Scheme
Actuator employs 3 built in colour schemes namely Chilli , Flame and Sublime Grayscale and a versatile colour scheme Custom which enables the user to customise the colour combinations of the components of the Actuator script.
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█ Alerts
Alerts can be created for the following.
Actuator Bull Breakout Signal - Once Per Bar Close
Actuator Bear Breakout Signal - Once Per Bar Close
Actuator Long Dollar - Take Profit - Once Per Bar
Actuator Short Dollar - Take Profit - Once Per Bar
Actuator Stop Line Hit - Once Per Bar
Note: The script doesn't repaint, so the alerts can be used with confidence. To check this, users can do bar replays to check if the plots and markers stay in the same place.
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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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!
TradeChartist ZigZag & Auto Fibonacci Retracement™TradeChartist ZigZag & Auto Fibonacci Retracement is a visually engaging script that generates ZigZag and Auto-Fibonacci lines/labels based on user defined sensitivity factor.
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█ ™TradeChartist ZigZag & Auto Fibonacci Retracement Features
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Plots completed and developing ZigZag based on 𝐙𝐢𝐠𝐙𝐚𝐠/𝐀𝐮𝐭𝐨-𝐅𝐢𝐛𝐬 𝐅𝐚𝐜𝐭𝐨𝐫 (Minimum - 1, Maximum - 10, Default - 5) that adjusts the sensitivity of the ZigZag with 1 being High Sensitivity and 10 being Low Sensitivity.
Option to enable or disable 𝐙𝐢𝐠𝐙𝐚𝐠 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐨𝐫 which can be helpful for Harmonic traders.
Option to display 𝐙𝐢𝐠𝐙𝐚𝐠 𝐇𝐢𝐠𝐡𝐬/𝐋𝐨𝐰𝐬 and 𝐑𝐒𝐈 𝐚𝐭 𝐇𝐢𝐠𝐡𝐬/𝐋𝐨𝐰𝐬 in one of two styles.
Two types of Fibonacci to choose from - 𝐀𝐮𝐭𝐨-𝐅𝐢𝐛𝐬 and 𝐅𝐢𝐛𝐬 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐋𝐨𝐨𝐤𝐛𝐚𝐜𝐤.
𝐀𝐮𝐭𝐨-𝐅𝐢𝐛𝐬 option plots Auto Fibonacci levels based on 𝐙𝐢𝐠𝐙𝐚𝐠/𝐀𝐮𝐭𝐨-𝐅𝐢𝐛𝐬 𝐅𝐚𝐜𝐭𝐨𝐫.
𝐅𝐢𝐛𝐬 𝐛𝐚𝐬𝐞𝐝 𝐨𝐧 𝐋𝐨𝐨𝐤𝐛𝐚𝐜𝐤 plots Fibonacci levels based on the highest high and lowest low of the lookback period (𝐃𝐚𝐲𝐬 or 𝐂𝐚𝐧𝐝𝐥𝐞𝐬).
Fibonacci levels can be reversed by enabling 𝐑𝐞𝐯𝐞𝐫𝐬𝐞 from settings.
Enabling 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐏𝐫𝐢𝐜𝐞 𝐅𝐢𝐛 𝐋𝐚𝐛𝐞𝐥 displays the current Fib level of the developing price bar.
Option to customize Fib levels and colours.
4 Colour themes and option to enable/disable bar colouring.
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█ Example charts
1. ZigZag/AutoFibs Factor can make a big difference to ZigZag and AutoFibs plot as shown in the OANDA:XAUUSD Daily chart below.
2. RSI can be quite useful in analysing the Highs and Lows as shown in the BINANCE:BTCUSDT 1hr chart below.
3. Developing or Current Trend means the Low/High is unconfirmed and can move as shown in the OANDA:EURUSD 1hr chart below with bar colouring.
4. Current Price Fib Level label showing PTC means Potential Trend Change. Confirmation at candle close will reverse the Auto-Fibs as shown in BINANCE:ETHUSDT 15m chart below
5. Fibonaci Levels and colours can be customised using 𝐔𝐬𝐞 𝐂𝐮𝐬𝐭𝐨𝐦 𝐅𝐢𝐛 𝐋𝐞𝐯𝐞𝐥𝐬 from the settings as shown in the AMEX:SPY 15m chart below
█ Note:
Rarely, a steep high/low wick doesn't get accounted in the ZigZag High/Low detection as they are filtered using momentum.
If momentum doesn't slow down, the fibs can extend beyond 1 and may continue way beyond 4.618 fib level. These are quite rare depending on how distant the near high/low is based.
ZigZag and Fibonacci are good reference indicators and should always be used as confirmations rather than standalone indicators.
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Best Practice: Test with different settings first using Paper Trades before trading with real money
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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
