OPEN-SOURCE SCRIPT
Updated Zig Zag Pips
How does this zigzag indicator work? First of all, I would like to clarify that the original code is belong to TradingView. I only edit and add my personal touch to suit my style of trading.
1. This indicator is best use for Forex due to the calculation of pips.
2. Unfortunately, this indicator is not suitable to use in any Japanese pair due to the nature of the currency. " Japanese yen only has 2 decimals"
3. I change the input of "deviation" into "pips" so it will be much easier for me to calculate the distance between high and low.
4. U can change the source of price, let say, u prefer the indicator to draw at close price for both high and low, u can simply change the setting.
The purpose of this indicator is to draw high and low of the price. Thank you.
1. This indicator is best use for Forex due to the calculation of pips.
2. Unfortunately, this indicator is not suitable to use in any Japanese pair due to the nature of the currency. " Japanese yen only has 2 decimals"
3. I change the input of "deviation" into "pips" so it will be much easier for me to calculate the distance between high and low.
4. U can change the source of price, let say, u prefer the indicator to draw at close price for both high and low, u can simply change the setting.
The purpose of this indicator is to draw high and low of the price. Thank you.
Release Notes
An alternate ZigZag indicator of a preset indicator. I just change the calculation of from percentage to pips valueMar 25
Release Notes: Update version of zigzag in pips instead of the percentage. The original code belongs to TradingView and I only add a few lines of code to suit my style of trading. The setting of a decimal is for the calculation of pips in the instrument u are trading. Let's say if u are trading USDJPY, change the decimal to 1, and if u are trading EURUSD, change the setting to 100.
The logic behind this setting is, EURUSD has 5 decimal places (example = 1.43542).
1. 0.43 is sen
2. 0.0054 is the pip
3. 0.00002 is the tick.
Therefore we use 100
In the case of the Japanese pair (example = 111.161).
1. 0.161 is the pips so we set it to 1
I hope my explanation is understandable. Cheers
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.