OPEN-SOURCE SCRIPT
ZigZag Smart Trend [TradingFinder] Major & Minor Structured Wave
🔵Introduction
🟣Zigzag
Zigzag is a lagging indicator; this indicator identifies points on a price chart that have more significant changes than its previous wave and then by connecting these lines to each other, it assists traders in trend detection.
This indicator reduces random price fluctuations and attempts to make the primary price trend clearer.
🟣Pivot
Pivots are points where the price chart changes direction. Pivots, also called reversal points, form when supply and demand forces dominate one another.
Different types of technical analysis pivots can be introduced into two categories, minor pivots, and major pivots, each of which has a specific meaning in analysis.
Major Pivot: These pivots actually indicate major changes in the direction of the chart and occur at the end of trends. Analysts seeking to reach the primary analysis focus more on major pivot points. In fact, most technical analysis tools are examined and determined based on major pivots.
Minor Pivot: This type of pivot focuses more on small and subsidiary points and directions. Therefore, it occurs at the end of corrections. Analysts focusing on minor pivots represent small trends, and it should be noted that minor pivots are not suitable for use in primary technical tools.
How to identify minor and major pivots:
Minor pivots are pivots formed between two major pivots and fail to break the opposite major pivot.
Major pivots are pivots that have either successfully broken the opposite pivot or have moved more than the previous pivot of the same type.
🔵How to use
Based on identifying pivots and drawing zigzag lines, you can have various uses for this indicator.
Identifying support and resistance levels:
Identifying Elliott Waves:
Identifying classic patterns :
Identifying pivots with higher validity:
Identifying internal and external breakouts:
Identifying trends and range areas:
Identifying pivot types along with major and minor recognition:
MHH: Major Higher High
MLH: Major Lower High
MLL: Major Lower Low
MHL: Major Higher Low
mHH: Minor Higher High
mLH: Minor Lower High
mLL: Minor Lower Low
mHL: Minor Higher Low
🔵Settings
Pivot Period Zigzag Line: Using this input, you can determine the pivot period for identifying zigzag swings.
Show Zigzag Line: To show or not to show the zigzag line.
Zigzag Line Color: Change the color of the zigzag line.
Zigzag Line Style: Change the Style of the zigzag line.
Zigzag Line Width: Change the Width of the zigzag line.
Show Label: To show or not to show Pivot Type.
Color Label: Change the color of the Pivot Type Label.
🟣Zigzag
Zigzag is a lagging indicator; this indicator identifies points on a price chart that have more significant changes than its previous wave and then by connecting these lines to each other, it assists traders in trend detection.
This indicator reduces random price fluctuations and attempts to make the primary price trend clearer.
🟣Pivot
Pivots are points where the price chart changes direction. Pivots, also called reversal points, form when supply and demand forces dominate one another.
Different types of technical analysis pivots can be introduced into two categories, minor pivots, and major pivots, each of which has a specific meaning in analysis.
Major Pivot: These pivots actually indicate major changes in the direction of the chart and occur at the end of trends. Analysts seeking to reach the primary analysis focus more on major pivot points. In fact, most technical analysis tools are examined and determined based on major pivots.
Minor Pivot: This type of pivot focuses more on small and subsidiary points and directions. Therefore, it occurs at the end of corrections. Analysts focusing on minor pivots represent small trends, and it should be noted that minor pivots are not suitable for use in primary technical tools.
How to identify minor and major pivots:
Minor pivots are pivots formed between two major pivots and fail to break the opposite major pivot.
Major pivots are pivots that have either successfully broken the opposite pivot or have moved more than the previous pivot of the same type.
🔵How to use
Based on identifying pivots and drawing zigzag lines, you can have various uses for this indicator.
Identifying support and resistance levels:
Identifying Elliott Waves:
Identifying classic patterns :
Identifying pivots with higher validity:
Identifying internal and external breakouts:
Identifying trends and range areas:
Identifying pivot types along with major and minor recognition:
MHH: Major Higher High
MLH: Major Lower High
MLL: Major Lower Low
MHL: Major Higher Low
mHH: Minor Higher High
mLH: Minor Lower High
mLL: Minor Lower Low
mHL: Minor Higher Low
🔵Settings
Pivot Period Zigzag Line: Using this input, you can determine the pivot period for identifying zigzag swings.
Show Zigzag Line: To show or not to show the zigzag line.
Zigzag Line Color: Change the color of the zigzag line.
Zigzag Line Style: Change the Style of the zigzag line.
Zigzag Line Width: Change the Width of the zigzag line.
Show Label: To show or not to show Pivot Type.
Color Label: Change the color of the Pivot Type Label.
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 publication is governed by House rules. You can favorite it to use it on a chart.
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Forex, Crypto, Stocks, Futures & Index informational materials and Trading Tools in Turkish language: tradingFinder.com/tr/
Forex, Crypto, Stocks, Futures & Index informational materials and Trading Tools in Turkish language: tradingFinder.com/tr/
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