ZigZag Channel — Indicator by Trendoscope

pivotpoints donchianchannels customindicator

This is recreation of Donchian Channel - Pivot High Low indicator present here:

But, instead of traditional pivot high lows, this is based on pivots created from zigzag indicator.

This indicator is created on top of existing Zigzag indicator using lines array:

Parameter HighLowLength refers to number of zigzag lines back which can be used to calculate top and bottom of donchian channel.

Release Notes:

Added option waitForConfirmation.

Difference it makes is as shown in the picture below:

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Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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.

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