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ZigZag Bands

tmsiqueira  
Trend Analysis Zig Zag Indicator
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trendanalysis zigzagindicator
This script plots a central line and top and bottom lines, like a bands.

If the market is up and price still going up then central line follow the last closed "close" value.
If the market is up and price goes down, then central line stop change. If price still going down and cross bottom line, the direction changes and central line start to follow the close value if it is below central line.

I recommend to use Bandsize = 2 or 3 times ATR(300 or bigger)

This script is used in pair with my ZigZag Volume Accumulator,
ZigZag VolumeAccumulator
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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