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  • /Multizigzag

Multizigzag

Multilevel ZigZag SupertrendVery much similar to : I have slightly changed code to accommodate multiple zigzags. Also removed possibility of external source to keep it simple. Indicator shows 2 Level zigzag based supertrends. Second zigzag used is multi level zigzag and hence, this acts as higher timeframe filter and can be considered as overall trend bias.
Pine Script® indicator
by Trendoscope
33
Multi ZZ - Support/ResistenceExperimental and probably can be improved further. Method of deriving support/resistence is as follows: Calculate Zigzags and start pushing them to SR array as and when they form If any of the existing item is within the small distance - merge them. ATR is used to find if the prices are close by. Whenever we merge two pivots, strength of support keeps increasing. This means, price has bounced off this point more time. Hence, keep track of number of pivots merged together. Keep removing old pivots which are far away based on Loopback input And that's all we got the full list of support and resistence points. Now, to filter insignificant pivots, chose only those points which has been merged by more than Min Pivots input. Width of the support/resistence lines also will be thicker for the pivots which has more count. Hence thicker line imply strong support and resistence whereas the thinner ones are minor ones.
Pine Script® indicator
by Trendoscope
Updated
77

Select market data provided by ICE Data Services. Select reference data provided by FactSet. Copyright © 2025 FactSet Research Systems Inc.Copyright © 2025, American Bankers Association. CUSIP Database provided by FactSet Research Systems Inc. All rights reserved. SEC fillings and other documents provided by Quartr.© 2025 TradingView, Inc.

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