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ZigZag Volume Profile [ChartPrime]⯁ OVERVIEW ZigZag Volume Profile combines swing structure with volume analytics by plotting a ZigZag of major price swings and overlaying a detailed volume profile around each swing. At the end of each swing, it highlights the Point of Control (POC) — the price level with the highest traded volume — and extends it forward to identify key areas of potential support or resistance. ⯁ KEY FEATURES ZigZag Swing Detection: Automatically detects swing highs and lows based on a user-defined length, creating clean visual segments of market structure. These segments act as boundaries for volume profile calculations. swingHigh = ta.highest(swingLength) swingLow = ta.lowest(swingLength) ZigZag Channel Visualization: The ZigZag structure is connected with sloped lines, forming a visual “channel” of the price movement. The ZigZag can optionally, scaled by ATR. Volume Profile Around Each Swing: For every completed swing (high to low or low to high), the indicator constructs a full volume profile using user-defined bin counts. It scans volume across price levels in the swing and plots histogram-style bins using a gradient color to indicate volume magnitude. Dynamic Bin Width and Slope Adjustment: Bins are distributed across a vertical ATR-based range, and their width is adjusted based on the percentage of total swing volume. The volume fill direction is adapted to the swing’s slope for visually aligned plotting. POC Detection and Extension: The highest volume bin in each swing is identified as the Point of Control (POC). This level is plotted with a thicker line and extended horizontally into the future as a key reaction level. Automatic POC Expiry on Price Interaction: POC lines are continuously extended unless breached by price. When price crosses the POC level, the extension is terminated — signaling that the level may have been absorbed. Clean Volume Bin Visualization: Bin colors range from green (low volume) to blue (higher volume), with the POC always marked in red by default for easy identification. Volume percentages are optionally labeled at each bin level. Flexible Swing Profile Parameters: Users can control: Number of volume bins Bin width Channel width (ATR factor) Visibility of the swing channel or POC lines Efficient Memory Handling: Old POC lines and volume profiles are automatically removed from memory after a threshold to keep charts clean and performant. ⯁ USAGE Use ZigZag swings to define market structure visually. Analyze volume profile around each swing to understand where most trading activity occurred. Use POC extensions as dynamic support/resistance zones for entries, stops, or take-profits. Watch for price interaction with extended POC lines — breaks may suggest absorbed liquidity or breakout potential. Use the ATR-based channel width to adapt profiles based on market volatility. ⯁ CONCLUSION ZigZag Volume Profile offers a powerful fusion of structure and volume. By plotting detailed volume profiles over each price swing and extending the POC as actionable S/R levels, this tool provides deep insight into market participation zones — giving traders a tactical edge in both ranging and trending environments.
Pine Script® indicator
by ChartPrime
5
ZigZag Multi Time Frame with Fibonacci RetracementHello Traders, This is ZigZag Multi Time Frame with Fibonacci Retracement script. It calculates the ZigZag using Higher Time Frame, draw Fibonacci Retracement lines and put labels accordingly. I already published Zigzag with Fibonacci Levels script but this one is Multi Time Frame and I didn't want to change/update it. You can set ZigZag Period and Resolution as you wish. Zigzag is calculated using higher time frames (ex: 1day) so you better choose small numbers as Zigzag Period, such 2, 3 etc. you should choose higher time frame wisely, meaning that you should not set 1Day while chart resolution is 1min ;) It draws Fibonacci levels between 0%-100% and If the price goes higher/lower than 100% level than the script draws Fibonacci Levels accordingly. This means it draws Fibonacci levels until this levels get higher/lower than the price. "Show Zig Zag" is not enabled by default, you can enable it if you want to see ZigZag as well. You have options to set Text Color, Line Color, Zigzag Up Color and Zigzag Down Color. You can set the location of the Fibonnaci Levels -> Left or Right You also have option to enable/disable following Fibonnaci Levels: ---> 0.236 ---> 0.382 ---> 0.500 ---> 0.618 ---> 0.786 I added "Colorful Fibonacci Levels" for fun. if you enable it then Fibonacci line colors will be different randomly on each move, see it for yourself :) Some Screenshots: if you enable "Show Zigzag Option": how the script adjust levels automatically: if you set Label Location as "Right": if you enable "Colorful Fibonacci Levels" then Line colors will be changed on each move randomly ;) Enjoy!
Pine Script® indicator
by LonesomeTheBlue
96
ZigZag Based RSIDescription ZigZag Trend RSI (ZZ-RSI) is an advanced momentum indicator that combines ZigZag-based trend detection with a trend-adjusted RSI to deliver smarter overbought and oversold signals. Unlike traditional RSI that reacts purely to price movement, this indicator adapts its sensitivity based on the prevailing trend structure identified via the ZigZag pattern. By dynamically adjusting RSI thresholds according to market direction, ZZ-RSI helps filter out false signals and aligns RSI readings with broader trend context—crucial for trend-following strategies, counter-trend entries, and volatility-based timing. Core Components ZigZag Pattern Recognition: Identifies significant swing highs and lows based on price deviation (%) and pivot sensitivity (length). The most recent pivot determines the prevailing trend direction: 🟢 Bullish: last swing is a higher high 🔴 Bearish: last swing is a lower low ⚪ Neutral: no recent significant movement Trend-Weighted RSI: Modifies traditional RSI input by emphasizing price changes in the direction of the trend: In bull trends, upside moves are magnified. In bear trends, downside moves are emphasized. Dynamic RSI Zones: Overbought and Oversold thresholds adapt to the trend: In uptrends: higher OB and slightly raised OS → tolerate stronger rallies In downtrends: lower OS and slightly reduced OB → accommodate stronger sell-offs In neutral: default OB/OS values apply How to Use ✅ Entries (Reversal or Mean Reversion Traders): Look for oversold signals (green triangle) in downtrends or neutrals to catch potential reversals. Look for overbought signals (red triangle) in uptrends or neutrals to fade momentum. Confirm with price action or volume for higher conviction. 📈 Trend Continuation (Momentum or Trend-Followers): Use the trend direction label (Bullish / Bearish / Neutral) to align your trades with the broader move. Combine with moving averages or price structure for entry timing. Avoid counter-trend signals unless confirmed by divergence or exhaustion. 🧠 Signal Interpretation Table (top right of chart): Trend: Indicates the current market direction. RSI: Real-time trend-adjusted RSI value. Signal: OB/OS/Neutral classification. Customization Options ZigZag Length / Deviation %: Adjust pivot sensitivity and filter out minor noise. RSI Length: Controls how fast RSI responds to trend-adjusted price. Color Settings: Personalize visual cues for trend direction and OB/OS backgrounds. Alerts Included 📢 Overbought/oversold conditions 🔄 Trend reversals (bullish or bearish shift) These alerts are ideal for automated strategies, mobile notifications, or algorithmic workflows. Ideal For Traders seeking smarter RSI signals filtered by market structure Trend-followers and swing traders looking for reliable reversals Those frustrated with false OB/OS signals in volatile or trending markets Best Practices Use in confluence with price structure, trendlines, or S/R levels. For intraday: consider lowering ZigZag Length and RSI Length. For higher timeframes: use higher deviation % and smoother RSI to reduce noise.
Pine Script® indicator
by HabibiBudo
1
ZigZag with Retracement LevelsThis is a modification to "ZigZag with Fibonacci Levels" by LonesomeTheBlue. By default, the script finds the ZigZag, draws Fibonacci lines and labels accordinly. ZigZag period can be set. The modification to the original script provides the following features: 1) Option for user to customize retracement levels, if they don't want to use Fibonacci levels. This allows for different strategy adoptions. 2) Option to show Fibonacci or custom retracement levels based on the latest pivot (including the current bar) For example: Enjoy and happy trading~!!
Pine Script® indicator
by PtGambler
12
ZigZag with Fibonacci LevelsHello Traders, This is " ZigZag with Fibonacci Levels " script. It finds the ZigZag, draw Fibonacci lines and put labels accordingly. I get many requests for this script, so here it is. You can set ZigZag period as you wish. Bigger numbers (such 20, 30) may give better perspective and result. It draws Fibonacci levels between 0%-100% and If the price goes higher/lower than 100% level than the script draws Fibonacci Levels accordingly. This means it draws Fibonacci levels until this levels get higher/lower than the price. As an example: if you don't want to see ZigZag Lines then you have option to disable it and see only Fibonacci levels: You have coloring options for Zigzag, Fibonacci lines and texts: Enjoy!
Pine Script® indicator
by LonesomeTheBlue
68
Multi Level ZigZag Harmonic PatternsLets make things bit complicated. Main difference between this script and the earlier Multi Zigzag Harmonic Pattern is the calculation logic of Zigzag 2, 3 and 4 In the earlier script, all zigzags were plain and were calculated on the basis of different lengths. (Such as 5, 10, 15, 20). These were derived on the basis of Multi Zigzag indicator In this script, Zigzag 2, 3 and 4 are calculated in slightly different way. They are calculated on the basis of previous zigzag. This means, Zigzag 1 will be the input for Zigzag2 calculation and Zigzag 2 will be the input for Zigzag3 and so on. This is demonstrated in the script - Multi Level Zigzag One important parameter which is specific to this script is: UseZigZagChain If checked: Zigzag2 is formed based on Zigzag1 Zigzag3 is formed based on Zigzag2 Zigzag4 is formed based on Zigzag3 This can lead to patterns covering huge number of candles as this chaining causes exponential effect in each levels. (Effective length grows exponentially in each level) If unchecked: Zigzag2 is formed based on Zigzag1 (Same as when checked) Zigzag3 is formed based on Zigzag1. But, length is set to zigzag2Length + zigzag3Length Zigzag4 is formed based on Zigzag1. But, length is set to zigzag2Length + zigzag3Length + zigzag4Length This reduces exponential increase of zigzag lengths over next levels. Logical ratios of patterns are coded as below: Notations: Lines XABCD forms the pattern in all cases. (OXABCD in case of Three drives ) abc = BC retacement of AB, xab = AB retracement of XA and so on ABCD Classic 0.618 <= abc <= 0.786 1.272 <= bcd <= 1.618 AB=CD Price difference between AB and CD are equal Time difference between AB and CD are equal ABCD Extension 0.618 <= abc <= 0.786 1.272 <= AD/ BC (price) <= 1.618 Gartley xab = 0.618 0.382 <= abc <= 0.886 1.272 <= bcd <= 1.618 OR xad = 0.786 Crab 0.382 <= xab <= 0.618 0.382 <= abc <= 0.886 2.24 <= bcd <= 3.618 OR xad = 1.618 Deep Crab xab = 0.886 0.382 <= abc <= 0.886 2.0 <= bcd <= 3.618 OR xad = 1.618 Bat 0.382 <= xab <= 0.50 0.382 <= abc <= 0.886 1.618 <= bcd <= 2.618 OR xad = 0.886 Butterfly xab = 0.786 0.382 <= abc <= 0.886 1.618 <= bcd <= 2.618 OR 1.272 <= xad <= 2.618 Shark xab = 0.786 1.13 <= abc <= 1.618 1.618 <= bcd <= 2.24 OR 0.886 <= xad <= 1.13 Cypher 0.382 <= xab <= 0.618 1.13 <= abc <= 1.414 1.272 <= bcd <= 2.0 OR xad = 0.786 Three Drives oxa = 0.618 1.27 <= xab <= 1.618 abc = 0.618 1.27 <= bcd <= 1.618 5-0 1.13 <= xab <= 1.618 1.618 <= abc <= 2.24 bcd = 0.5 Double Bottom Last two pivot High Lows make W shape Last Pivot Low is higher than previous Last Pivot Low. Last Pivot High is lower than previous last Pivot High. Price has not gone below Last Pivot Low Price breaks out of last Pivot High to complete W shape Double Top Last two pivot High Lows make M shape Last Pivot Low is higher than previous Last Pivot Low. Last Pivot High is lower than previous last Pivot High. Price has not gone above Last Pivot High Price breaks out of last Pivot Low to complete M shape
Pine Script® indicator
by Trendoscope
66
Recursive Auto-Pitchfork [Trendoscope]"Say Hi" to object oriented programming with Pinescript using types and methods. This is the beginning of new era of Pinescript where we are moving from isolated scripts containing indicator and strategies to whole ecosystem of Object Oriented Programming with libraries of highly reusable components. Those who are familiar with programming would have already realised how big these improvements are and what it brings to the table. With this script, I am not just providing an indicator for traders but also an introduction for programmers on how to design and build object oriented components in Pinescript using types and methods. Big thanks to Tradingview and Pine development team for making this happen. We look forward for many such gifts in the future :) 🎲 Architecture As mentioned before, we are not just building an indicator here. But, an ecosystem of components. Using Types and Methods we can visualise libraries as Classes. Thus, we can build an ecosystem of libraries in layered approach to enhance effective code reusability. Generic architecture can be visualised as below Coming to the specific case of Auto Pitchfork indicator, the indicator code is less than 50 lines for logic and around 100 lines of inputs. But, most of the heavy-lifting is done by the libraries underneath. Here is a snapshot of related libraries and how they are connected. All libraries are divided into two portions. Types - Contains only type definitions Methods - Contains only method definitions related to the types defined in the Types library Together, these libraries can be visualised as Class. Methods are defined in such a way all exported methods are related to Types and no other functions or features are defined. If we need further functionality which does not depend on the types, we need to do this via some other library and use them here. Similarly, we should not define any methods related to these types in other libraries. Reason for splitting the libraries to types and methods is to enable updating methods without disturbing types. Since libraries create interdependencies due to versioning, it is best if we do less updates on the type definitions. Splitting the two enables adding more features while keeping the type definition version intact. 🎲 Base Libraries Base libraries are those which does not have any dependency. They form basic structures which are later used in other libraries. These libraries need to be crafted carefully so that minimal updates are done later on. Any updates on these libraries will impact all the dependent libraries and scripts. 🎯 Drawing DrawingTypes - Defines basic drawing types Point, Line, Label, Box, Linefill and related property types. DrawingMethods - All the methods or functionality surrounding Basic types are defined here. 🎲 Layer 1 Libraries These are the libraries which has direct dependency on base libraries. 🎯 Zigzag ZigzagTypes - Types required for defining Zigzag and Divergence ZigzagMethods - Methods associated with Zigzag Type definitions. 🎯Pitchfork PitchforkTypes - Basic and Drawing Types for Pitchfork objects PitchforkMethods - Methods associated with Pitchfork type definitions 🎲 Indicator and Settings Indicator draws pitchfork based on recursive zigzag configurations. Recursive zigzag is derived with following logic: Base level zigzag is calculated with regular zigzag algorithm with given length and depth Next level zigzag is calculated based on base zigzag. And we recursively calculate higher level zigzags until we are left with 4 or less pivots or when no further reduction is possible On every level of zigzag, we then check the last 3 pivots and draw pitchfork based on the retracement ratio. Indicator settings are summarised in the tooltips and are as below. Finally, big thanks to my partner @CryptoArch_ for bringing up the topic of pitchfork for our next development.
Pine Script® indicator
by Trendoscope
49
rzigzagLibrary "rzigzag" Recursive Zigzag Using Matrix allows to create zigzags recursively on multiple levels. After bit of consideration, decided to make this public. zigzag(length, ohlc, numberOfPivots, offset)   calculates plain zigzag based on input   Parameters:      length : Zigzag Length      ohlc : Array containing ohlc values. Can also contain custom series      numberOfPivots : Number of max pivots to be returned      offset : Offset from current bar. Can be used for calculations based on confirmed bars   Returns: nextlevel(zigzagmatrix, numberOfPivots)   calculates next level zigzag based on present zigzag coordinates   Parameters:      zigzagmatrix : Matrix containing zigzag pivots, bars, bar time, direction and level      numberOfPivots : Number of max pivots to be returned   Returns: matrix zigzagmatrix draw(zigzagmatrix, newPivot, doublePivot, lineColor, lineWidth, lineStyle, showLabel, xloc)   draws zigzag based on the zigzagmatrix input   Parameters:      zigzagmatrix : Matrix containing zigzag pivots, bars, bar time, direction and level      newPivot : Flag indicating there is update in the pivots      doublePivot : Flag containing there is double pivot update on same bar      lineColor : Zigzag line color      lineWidth : Zigzag line width      lineStyle : Zigzag line style      showLabel : Flag to indicate display pivot labels      xloc : xloc preference for drawing lines/labels   Returns: draw(length, ohlc, numberOfPivots, offset, lineColor, lineWidth, lineStyle, showLabel, xloc)   calculates and draws zigzag based on zigzag length and source input   Parameters:      length : Zigzag Length      ohlc : Array containing ohlc values. Can also contain custom series      numberOfPivots : Number of max pivots to be returned      offset : Offset from current bar. Can be used for calculations based on confirmed bars      lineColor : Zigzag line color      lineWidth : Zigzag line width      lineStyle : Zigzag line style      showLabel : Flag to indicate display pivot labels      xloc : xloc preference for drawing lines/labels   Returns: drawfresh(zigzagmatrix, zigzaglines, zigzaglabels, lineColor, lineWidth, lineStyle, showLabel, xloc)   draws fresh zigzag for all pivots in the input matrix.   Parameters:      zigzagmatrix : Matrix containing zigzag pivots, bars, bar time, direction and level      zigzaglines : array to which all newly created lines will be added      zigzaglabels : array to which all newly created lables will be added      lineColor : Zigzag line color      lineWidth : Zigzag line width      lineStyle : Zigzag line style      showLabel : Flag to indicate display pivot labels      xloc : xloc preference for drawing lines/labels   Returns:
Pine Script® library
by Trendoscope
9
PivotsLibrary "Pivots" This Library focuses in functions related to pivot highs and lows and some of their applications (i.e. divergences, zigzag, harmonics, support and resistance...) pivots(srcH, srcL, length) Delivers series of pivot highs, lows and zigzag.   Parameters:      srcH : Source series to look for pivot highs. Stricter applications might source from 'close' prices. Oscillators are also another possible source to look for pivot highs and lows. By default 'high'      srcL : Source series to look for pivot lows. By default 'low'      length : This value represents the minimum number of candles between pivots. The lower the number, the more detailed the pivot profile. The higher the number, the more relevant the pivots. By default 10   Returns: zigzagArray(pivotHigh, pivotLow) Delivers a Zigzag series based on alternating pivots. Ocasionally this line could paint a few consecutive lows or highs without alternating. That happens because it's finding a few consecutive Higher Highs or Lower Lows. If to use lines entities instead of series, that could be easily avoided. But in this one, I'm more interested outputting series rather than painting/deleting line entities.   Parameters:      pivotHigh : Pivot high series      pivotLow : Pivot low series   Returns: zigzagLine(srcH, srcL, colorLine, widthLine) Delivers a Zigzag based on line entities.   Parameters:      srcH : Source series to look for pivot highs. Stricter applications might source from 'close' prices. Oscillators are also another possible source to look for pivot highs and lows. By default 'high'      srcL : Source series to look for pivot lows. By default 'low'      colorLine : Color of the Zigzag Line. By default Fuchsia      widthLine : Width of the Zigzag Line. By default 4   Returns: Zigzag printed on screen divergence(h2, l2, h1, l1, length) Calculates divergences between 2 series   Parameters:      h2 : Series in which to locate divs: Highs      l2 : Series in which to locate divs: Lows      h1 : Series in which to locate pivots: Highs. By default high      l1 : Series in which to locate pivots: Lows. By default low      length : Length used to calculate Pivots: By default 10   Returns:
Pine Script® library
by gliderfund
2
MTF - Zigzag + Tech IndicatorsMTF - Zigzag + Tech Indicators At high level the indicator can be a useful tool while analyzing the charts. It marks swing points (Zigzag) on 3 different timeframes along with capability to view key technical indicator values at each of the swing point. Normally Zaizag indicators are useful for identifying primary trend and retracements. Zigzags also help in identifying key support and resistance areas. Traders develop various trading strategies based on Zigzags. Most of the published Zigzag indicators use single timeframe / chart timeframe to draw the Zigzag lines but, many traders/chart analysts would like to analyze trends on multiple timeframes. Single timeframe Zigzags makes such analysis little difficult. This indicator is an advanced version of Zigzag which allow users to draw Zigzag lines on multiple timeframes. It allows users to input 2 additional higher timeframes and in total it draws Zigzag on 3 timeframes i.e., on chart timeframe and 2 additional higher timeframes. Once loaded on the chart, it draws Zigzag lines and plot labels (HH, LL, HL, LH) which denotes swing points. Each of the swing point label has a tooltip attached to it, which provide few additional data point, to view the additional data points, hover the mouse over the label. Swing label tooltip shows these additional data points: Tag: Swing type (HH, LL, HL, LH) + Bar time (in dd-mm-yyyy hh:mm format) Price point: Swing price point Price change: Price change since previous swing point along with change % Swing volume: Volume since previous swing point in million Key technical indicator values: RSI (close, 14) Stochastic (close, high, low, 14) ADX (14, 14) SMA20 SMA50 SMA100 SMA200 Use cases: Support resistance: Though most of the swing points of a zigzag are treated as a support or resistance. This indicator allows to add more depth to the analysis. E.g., swing points based on lowest timeframe (chart timeframe) can be treated as weak support/resistance whereas swing points based on higher timeframe can treated as strong support/resistance and prices need to hit it multiple time to cross/break the same. Trend identification: Trend on lowest timeframe (chart timeframe) can be a immediate term trend, trend on the mid-level higher timeframe can be a short term trend and trend on the highest level timeframe can be a long term trend. Trade identification, entry, and exit: MTF Zigzag can also be creatively used while trading. Eg. One can identify a trend on highest level timeframe and use mid-level timeframe for trade entry and lowest level timeframe can be used for Take Profit levels (TP1, TP2, ..) and Stop loss. Alternatively, Trend can be identified on highest or mid-level timeframe and trade entry/exit can be based on lowest level timeframe. Use of information displayed in tooltip: Analysts/traders look for confirmations from other indicators while initiating trades. These additional indicator values become handy/readily available source of information without specifically navigating through different indicators/charts. These indicator values can be creatively used in many ways. Some of the examples are: Easy comparison of values of moving averages on all 3 timeframes Better assessment of momentum and overbought/oversold based on value of stochastic and rsi Use of ADX to determine the strength of the trend Trade decision based on increasing or decreasing order of moving averages Trade decision, based order of moving averages combined with overbought/oversold and strength of the trend Chart examples: TCS on 60m/4h/1D ITC 4h/1D Input Parameters: 1. Chart timeframe zigzag setup: to plot zigzag based on chart timeframe 2. Higher timeframe zigzag setup: to plot zigzag based on higher timeframe 3. Higher timeframe zigzag setup 1: to plot zigzag based on another higher timeframe Each of these have user selectable options: 1. Color/width of the zigzag line 2. plot zigzag line - select/unselect 3. plot HHLL labels - select/unselect Both (2 and 3) Higher timeframe setups allow to select higher timeframe and offset. Offset can be 0 or 1. This setting normally used to avoid repainting. Select offset as 1 to avoid repainting. For Pine script developers: Script elements: 1. Input parameters 2. Type definition (UDT) for ohlc and ph, pl data elements 3. Map definition for visual properties 4. Type instances for chart_tf, higher_tf1, higher_tf2 5. Important variable – for indicator values 6. Methods – a. get_ph_pl() – get ph, pl data for each of the tf along with indicator values b. add_ph(), add_pl() – add ph, pl data to timeframe specific udt, plot the zigzag and labels, add tooltip to label Script structure 1. Input parameters 2. Variable and type definitions 3. Methods and functions 4. For each of timeframe, call functions and methods a. Check ph, pl (if swing point formed) b. Plot ph, pl (if applicable) i.e. zigzag line, labels
Pine Script® indicator
by Sharad_Gaikwad
9
ZigLibLibrary "ZigLib" Calculate the points for ZigZag++. You can use custom data and resolution for your ZigZag++. Sample Usage import DevLucem/ZigLib/1 as ZigZag = ZigZag.zigzag(low, high) bgcolor(direction<0? color.rgb(255, 82, 82, 80): color.rgb(0, 230, 119, 80)) line zz = line.new(z1.time, z1.price, z2.time, z2.price, xloc.bar_time, width=3) if direction==direction line.delete(zz ) zigzag(_low, _high, depth, deviation, backstep) Get current zigzag points and direction   Parameters:      _low (float)      _high (float)      depth (int)      deviation (int)      backstep (int) Returns direction, chart point 1 and chart point 2
Pine Script® library
by DevLucem
9
Sylvain Zig-Zag [MyTradingCoder]This Pine Script version of ZigZagHighLow is a faithful port of Sylvain Vervoort's original study, initially implemented in NinjaScript and later added to the thinkorswim standard library. This indicator identifies and connects swing points in price data, offering a clear visualization of market moves that exceed a specified threshold. Additionally, it now includes features for detecting and plotting support and resistance levels, enhancing its utility for technical analysis. Overview The Sylvain Zig-Zag study excels at highlighting significant price swings by plotting points where the price change, combined with volatility adjustments via the Average True Range (ATR), exceeds a user-defined percentage. It effectively smooths out minor fluctuations, allowing traders to focus on the primary market trends. This tool is particularly useful in identifying potential turning points, trends in price movements, and key support and resistance levels, making it a valuable addition to your technical analysis arsenal. How It Works The Sylvain Zig-Zag indicator works by detecting swing points in the price data and connecting them to form a zigzag pattern. A swing point is identified when the price moves a certain distance, defined by a combination of percentage change and ATR. This distance must be exceeded for a swing point to be plotted. When the price moves upwards and exceeds the previous high by a specified percentage plus a factor of the ATR, a new high swing point is plotted. Conversely, a low swing point is plotted when the price moves downwards and exceeds the previous low by the same criteria. This ensures that only significant price moves are considered, filtering out minor fluctuations and providing a clear view of the overall market trend. In addition to plotting zigzag lines, the indicator can now identify and draw support and resistance levels based on the detected swing points. These levels are crucial for identifying potential reversal areas and market structure. Key Features Swing Point Detection: Accurately identifies significant price swings by considering both percentage price change and volatility (via Average True Range). Dynamic Support/Resistance: Automatically generates support and resistance lines based on the identified swing points, providing potential areas of price reversals. Customizable Parameters: Tailor the indicator's sensitivity to your preferred trading style and market conditions. Adjust parameters like percentage reversal, ATR settings, and absolute/tick reversals. Visual Clarity: Choose to display the ZigZag line, support/resistance levels, new trend icons, continuation icons, and even customize bar colors for easy visual analysis. Trading Applications Trend Identification: Easily visualize the prevailing market trend using the direction of the ZigZag line and support/resistance levels. Entry/Exit Signals: Potential entry points can be identified when the price interacts with the dynamic support/resistance levels. Stop-Loss Placement: Use recent swing points as logical places for setting stop-loss orders. Profit Targets: Project potential price targets based on the distance between previous swing points. Input Parameters Several input parameters can be adjusted to customize the behavior of the Sylvain Zig-Zag indicator. These parameters allow traders to fine-tune the detection of swing points and support/resistance levels to better suit their trading strategy and the specific market conditions they are analyzing. High Source and Low Source: These inputs define the price points used for detecting high and low swing points, respectively. You can choose between high, low, open, or close prices for these calculations. Percentage Reversal: This input sets the minimum percentage change in price required for a swing to be detected. A higher percentage value will result in fewer but more significant swing points, while a lower value will detect more frequent, smaller swings. Absolute Reversal: This parameter allows for an additional fixed value to be added to the minimum price change and ATR change. This can be useful for increasing the distance between swing points in volatile markets. ATR Length: This input defines the period used for calculating the ATR, which is a measure of market volatility. A longer ATR period will smooth out the ATR calculation, while a shorter period will make it more sensitive to recent price changes. ATR Multiplier: This factor is applied to the ATR value to adjust the sensitivity of the swing point detection. A higher multiplier will increase the required price movement for a swing point to be plotted, reducing the number of detected swings. Tick Reversal: This input allows for an additional value in ticks to be added to the minimum price change and ATR change, providing further customization in the swing point detection process. Support and Resistance: Show S/R: Enable or disable the plotting of support and resistance levels. Max S/R Levels: Set the maximum number of support and resistance levels to display. S/R Line Width: Adjust the width of the support and resistance lines. Visual Settings The Sylvain Zig-Zag indicator also includes visual settings to enhance the clarity of the plotted swing points and trends. You can customize the color and width of the zigzag line, and enable icons to indicate new trends and continuation patterns. Additionally, the bars can be colored based on the detected trend, aiding in quick visual analysis. Conclusion This port of the ZigZagHighLow study from NinjaScript to Pine Script preserves the essence of Sylvain Vervoort’s methodology while adding new features for support and resistance. It provides traders with a powerful tool for technical analysis. The combination of price changes and ATR ensures that you have a robust and adaptable tool for identifying key market movements and structural levels. Customize the settings to match your trading style and gain a clearer picture of market trends, turning points, and support/resistance areas. Enjoy improved market analysis and more informed trading decisions with the Sylvain Zig-Zag indicator.
Pine Script® indicator
by JacobMagleby
10
DrawZigZag🟩  OVERVIEW This library draws zigzag lines for existing pivots. It is designed to be simple to use. If your script creates pivots and you want to join them up while handling edge cases, this library does that quickly and efficiently. If you want your pivots created for you, choose one of the many other zigzag libraries that do that. 🟩  HOW TO USE Pine Script libraries contain reusable code for importing into indicators. You do not need to copy any code out of here. Just import the library and call the function you want. For example, for version 1 of this library, import it like this: import SimpleCryptoLife/DrawZigZag/1 See the EXAMPLE USAGE sections within the library for examples of calling the functions. For more information on libraries and incorporating them into your scripts, see the Libraries section of the Pine Script User Manual. 🟩  WHAT IT DOES I looked at every zigzag library on TradingView, after finishing this one. They all seemed to fall into two groups in terms of functionality:  • Create the pivots themselves, using a combination of Williams-style pivots and sometimes price distance.  • Require an array of pivot information, often in a format that uses user-defined types. My library takes a completely different approach. Firstly, it only does the drawing. It doesn't calculate the pivots for you. This isn't laziness. There are so many ways to define pivots and that should be up to you. If you've followed my work on market structure you know what I think of Williams pivots. Secondly, when you pass information about your pivots to the library function, you only need the minimum of pivot information -- whether it's a High or Low pivot, the price, and the bar index. Pass these as normal variables -- bools, ints, and floats -- on the fly as your pivots confirm. It is completely agnostic as to how you derive your pivots. If they are confirmed an arbitrary number of bars after they happen, that's fine. So why even bother using it if all it does it draw some lines? Turns out there is quite some logic needed in order to connect highs and lows in the right way, and to handle edge cases. This is the kind of thing one can happily outsource. 🟩  THE RULES  • Zigs and zags must alternate between Highs and Lows. We never connect a High to a High or a Low to a Low.  • If a candle has both a High and Low pivot confirmed on it, the first line is drawn to the end of the candle that is the opposite to the previous pivot. Then the next line goes vertically through the candle to the other end, and then after that continues normally.  • If we draw a line up from a Low to a High pivot, and another High pivot comes in higher, we *extend* the line up, and the same for lines down. Yes this is a form of repainting. It is in my opinion the only way to end up with a correct structure.  • We ignore lower highs on the way up and higher lows on the way down. 🟩  WHAT'S COOL ABOUT THIS LIBRARY  • It's simple and lightweight: no exported user-defined types, no helper methods, no matrices.  • It's really fast. In my profiling it runs at about ~50ms, and changing the options (e.g., trimming the array) doesn't make very much difference.  • You only need to call one function, which does all the calculations and draws all lines.  • There are two variations of this function though -- one simple function that just draws lines, and one slightly more advanced method that modifies an array containing the lines. If you don't know which one you want, use the simpler one. 🟩  GEEK STUFF  • There are no dependencies on other libraries.  • I tried to make the logic as clear as I could and comment it appropriately.  • In the `f_drawZigZags` function, the line variable is declared using the `var` keyword *inside* the function, for simplicity. For this reason, it persists between function calls *only* if the function is called from the global scope or a local if block. In general, if a function is called from inside a loop , or multiple times from different contexts, persistent variables inside that function are re-initialised on each call. In this case, this re-initialisation would mean that the function loses track of the previous line, resulting in incorrect drawings. This is why you cannot call the `f_drawZigZags` function from a loop (not that there's any reason to). The `m_drawZigZagsArray` does not use any internal `var` variables.  • The function itself takes a Boolean parameter `_showZigZag`, which turns the drawings on and off, so there is no need to call the function conditionally. In the examples, we do call the functions from an if block, purely as an illustration of how to increase performance by restricting the amount of code that needs to be run. 🟩  BRING ON THE FUNCTIONS f_drawZigZags(_showZigZag, _isHighPivot, _isLowPivot, _highPivotPrice, _lowPivotPrice, _pivotIndex, _zigzagWidth, _lineStyle, _upZigColour, _downZagColour)   This function creates or extends the latest zigzag line. Takes real-time information about pivots and draws lines. It does not calculate the pivots. It must be called once per script and cannot be called from a loop.   Parameters:      _showZigZag (bool) : Whether to show the zigzag lines.      _isHighPivot (bool) : Whether the current bar confirms a high pivot. Note that pivots are confirmed after the bar in which they occur.      _isLowPivot (bool) : Whether the current bar confirms a low pivot.      _highPivotPrice (float) : The price of the high pivot that was confirmed this bar. It is NOT the high price of the current bar.      _lowPivotPrice (float) : The price of the low pivot that was confirmed this bar. It is NOT the low price of the current bar.      _pivotIndex (int) : The bar index of the pivot that was confirmed this bar. This is not an offset. It's the `bar_index` value of the pivot.      _zigzagWidth (int) : The width of the zigzag lines.      _lineStyle (string) : The style of the zigzag lines.      _upZigColour (color) : The colour of the up zigzag lines.      _downZagColour (color) : The colour of the down zigzag lines.   Returns: The function has no explicit returns. As a side effect, it draws or updates zigzag lines. method m_drawZigZagsArray(_a_zigZagLines, _showZigZag, _isHighPivot, _isLowPivot, _highPivotPrice, _lowPivotPrice, _pivotIndex, _zigzagWidth, _lineStyle, _upZigColour, _downZagColour, _trimArray)   Namespace types: array   Parameters:      _a_zigZagLines (array)      _showZigZag (bool) : Whether to show the zigzag lines.      _isHighPivot (bool) : Whether the current bar confirms a high pivot. Note that pivots are usually confirmed after the bar in which they occur.      _isLowPivot (bool) : Whether the current bar confirms a low pivot.      _highPivotPrice (float) : The price of the high pivot that was confirmed this bar. It is NOT the high price of the current bar.      _lowPivotPrice (float) : The price of the low pivot that was confirmed this bar. It is NOT the low price of the current bar.      _pivotIndex (int) : The bar index of the pivot that was confirmed this bar. This is not an offset. It's the `bar_index` value of the pivot.      _zigzagWidth (int) : The width of the zigzag lines.      _lineStyle (string) : The style of the zigzag lines.      _upZigColour (color) : The colour of the up zigzag lines.      _downZagColour (color) : The colour of the down zigzag lines.      _trimArray (bool) : If true, the array of lines is kept to a maximum size of two lines (the line elements are not deleted). If false (the default), the array is kept to a maximum of 500 lines (the maximum number of line objects a single Pine script can display).   Returns: This function has no explicit returns but it modifies a global array of zigzag lines.
Pine Script® library
by SimpleCryptoLife
5
Kawabunga Swing Failure Points Candles (SFP) by RRBKawabunga Swing Failure Points Candles (SFP) by RagingRocketBull 2019 Version 1.0 This indicator shows Swing Failure Points (SFP) and Swing Confirmation Points (SCP) as candles on a chart. SFP/SCP candles are used by traders as signals for trend confirmation/possible reversal. The signal is stronger on a higher volume/larger candle size. A Swing Failure Point (SFP) candle is used to spot a reversal: - up trend SFP is a failure to close above prev high after making a new higher high => implies reversal down - down trend SFP is a failure to close below prev low after making a new lower low => implies reversal up A Swing Confirmation Point (SCP) candle is just the opposite and is used to confirm the current trend: - up trend SCP is a successful close above prev high after making a new higher high => confirms the trend and implies continuation up - down trend SCP is a successful close below prev low after making a new lower low => confirms the trend and implies continuation down Features: - uses fractal pivots with optional filter - show/hide SFP/SCP candles, pivots, zigzag, last min/max pivot bands - dim lag zones/hide false signals introduced by lagging fractals or - use unconfirmed pivots to eliminate fractal lag/false signals. 2 modes: fractals 1,1 and highest/lowest - filter only SFP/SCP candles confirmed with volume/candle size - SFP/SCP candles color highlighting, dim non-important bars Usage: - adjust fractal settings to get pivots that best match your data (lower values => more frequent pivots. 0,0 - each candle is a pivot) - use one of the unconfirmed pivot modes to eliminate false signals or just ignore all signals in the gray lag zones - optionally filter only SFP/SCP candles with large volume/candle size (volume % change relative to prev bar, abs candle body size value) - up/down trend SCP (lime/fuchsia) => continuation up/down; up/down trend SFP (orange/aqua) => possible reversal down/up. lime/aqua => up; fuchsia/orange => down. - when in doubt use show/hide pivots/unconfirmed pivots, min/max pivot bands to see which prev pivot and min/max value were used in comparisons to generate a signal on the following candle. - disable offset to check on which bar the signal was generated Notes: Fractal Pivots: - SFP/SCP candles depend on fractal pivots, you will get different signals with different pivot settings. Usually 4,4 or 2,2 settings are used to produce fractal pivots, but you can try custom values that fit your data best. - fractal pivots are a mixed series of highs and lows in no particular order. Pivots must be filtered to produce a proper zigzag where ideally a high is followed by a low and another high in orderly fashion. Fractal Lag/False Signals: - only past fractal pivots can be processed on the current bar introducing a lag, therefore, pivots and min/max pivot bands are shown with offset=-rightBars to match their target bars. For unconfirmed pivots an offset=-1 is used with a lag of just 1 bar. - new pivot is not a confirmed fractal and "does not exist yet" while the distance between it and the current bar is < rightBars => prev old fractal pivot in the same dir is used for comparisons => gives a false signal for that dir - to show false signals enable lag zones. SFP/SCP candles in lag zones are false. New pivots will be eventually confirmed, but meanwhile you get a false signal because prev pivot in the same dir was used instead. - to solve this problem you can either temporary hide false signals or completely eliminate them by using unconfirmed pivots of a smaller degree/lag. - hiding false signals only works for history and should be used only temporary (left disabled). In realtime/replay mode it disables all signals altogether due to TradingView's bug (barcolor doesn't support negative offsets) Unconfirmed Pivots: - you have 2 methods to check for unconfirmed pivots: highest/lowest(rightBars) or fractals(1,1) with a min possible step. The first is essentially fractals(0,0) where each candle is a pivot. Both produce more frequent pivots (weaker signals). - an unconfirmed pivot is used in comparisons to generate a valid signal only when it is a higher high (> max high) or a lower low (< min low) in the dir of a trend. Confirmed pivots of a higher degree are not affected. Zigzag is not affected. - you can also manually disable the offset to check on which bar the pivot was confirmed. If the pivot just before an SCP/SFP suddenly jumps ahead of it - prev pivot was used, generating a false signal. - last max high/min low bands can be used to check which value was used in candle comparison to generate a signal: min(pivot min_low, upivot min_low) and max(pivot max_high, upivot max_high) are used - in the unconfirmed pivots mode the max high/min low pivot bands partially break because you can't have a variable offset to match the random pos of an unconfirmed pivot (anywhere in 0..rightBars from the current bar) to its target bar. - in the unconfirmed pivots mode h (green) and l (red) pivots become H and L, and h (lime) and l (fuchsia) are used to show unconfirmed pivots of a smaller degree. Some of them will be confirmed later as H and L pivots of a higher degree. Pivot Filter: - pivot filter is used to produce a better looking zigzag. Essentially it keeps only higher highs/lower lows in the trend direction until it changes, skipping: - after a new high: all subsequent lower highs until a new low - after a new low: all subsequent higher lows until a new high - you can't filter out all prev highs/lows to keep just the last min/max pivots of the current swing because they were already confirmed as pivots and you can't delete/change history - alternatively you could just pick the first high following a low and the first low following a high in a sequence and ignore the rest of the pivots in the same dir, producing a crude looking zigzag where obvious max high/min lows are ignored. - pivot filter affects SCP/SFP signals because it skips some pivots - pivot filter is not applied to/not affected by the unconfirmed pivots - zigzag is affected by pivot filter, but not by the unconfirmed pivots. You can't have both high/low on the same bar in a zigzag. High has priority over Low. - keep same bar pivots option lets you choose which pivots to keep when there are both high/low pivots on the same bar (both kept by default) SCP/SFP Filters: - you can confirm/filter only SCP/SFP signals with volume % change/candle size larger than delta. Higher volume/larger candle means stronger signal. - technically SCP/SFP is always the first matching candle, but it can be invalidated by the following signal in the opposite dir which in turn can be negated by the next signal. - show first matching SCP/SFP = true - shows only the first signal candle (and any invalidations that follow) and hides further duplicate signals in the same dir, does not highlight the trend. - show first matching SCP/SFP = false - produces a sequence of candles with duplicate signals, highlights the whole trend until its dir changes (new pivot). Good Luck! Feel free to learn from/reuse the code to build your own indicators!
Pine Script® indicator
by RagingRocketBull
21
Fibonacci - DolphinTradeBot OVERVIEW The 'Fibonacci - DolphinTradeBot' indicator is a Pine Script-based tool for TradingView that dynamically identifies key Fibonacci retracement levels using ZigZag price movements. It aims to replicate the Fibonacci Retracement tool available in TradingView’s drawing tools. The indicator calculates Fibonacci levels based on directional price changes, marking critical retracement zones such as 0, 0.236, 0.382, 0.5, 0.618, 0.786, and 1.0 on the chart. These levels are visualized with lines and labels, providing traders with precise areas of potential price reversals or trend continuation. HOW IT WORKS ? The indicator follows a zigzag formation. After a large swing movement, when new swings are formed without breaking the upper and lower levels, it places Fibonacci levels at the beginning and end points of the major swing movement." ▪️(Bullish) Structure :High → HigherLow → LowerHigh ▪️(Bearish) Structure :Low → LowerHigh → HigherLow ▪️When Fibonacci retracement levels are determined, a "📌" mark appears on the chart. ▪️If the price closes outside of these levels, a "❌" mark will appear. USAGE This indicator is designed to plot Fibonacci levels within an accumulation zone following significant price movements, helping you identify potential support and resistance. You can adjust the pivot periods to customize the zigzag settings to your preference. While classic Fibonacci levels are used by default, you also have the option to input custom levels and assign your preferred colors. Set the Fibonacci direction option to "upward" to detect only bullish structures, "downward" to detect only bearish structures, and "both" to see both at the same time. "To view past levels, simply enable the ' Show Previous Levels ' option, and to display the zigzag lines, activate the ' Show Zigzag ' setting." ALERTS The indicator, by default, triggers an alarm when both a level is formed and when a level is broken. However, if you'd like, you can select the desired level from the " Select Level " section in the indicator settings and set the alarm based on one of the conditions below. ▪️ cross-up → If the price breaks the Fibonacci level to the upside. ▪️ cross-down → If the price breaks the Fibonacci level to the downside. ▪️ cross-any → If the price breaks the Fibonacci level in any direction.
Pine Script® indicator
by DolphinTradeBot
6
hidden & regular rsi divergenceThis is a divergence indicator that draws regular and hidden divergences based on the Zigzag indicator and RSI indicator. There are two degrees of Zigzag. So, in each Zigzag degree, there are two types of regular divergences and one type of hidden divergence. 👉(The logic is written in case of a bearish regular divergence. The opposite will apply for a bullish one.) Type 1 of regular divergence (Logic 1): Zigzag has to form a higher high. The highest RSI within both Zigzag legs must form lower highs, but the RSI values which are exactly at the Zigzag highs should not form lower highs. Type 2 of regular divergence (Logic 2): Zigzag has to form a higher high. The highest RSI within both Zigzag legs must form lower highs, and the RSI values which are exactly at the Zigzag highs should form lower highs. 👉(The logic is written in case of a bearish hidden divergence. The opposite will apply for a bullish one.) Zigzag has to form a lower high. The highest RSI within both Zigzag legs must form higher highs. 👉There is also a filter that will be applied to all the divergences. It only shows the divergences whose corresponding RSI value was above/below a level (overbought level/oversold level). Logic for regular divergences: Bearish regular divergence's first high's (leftmost) RSI value should be greater than or equal to 70. Bullish regular divergence's first low's (leftmost) RSI value should be less than or equal to 30. Logic for hidden divergences: Bearish hidden divergence's second high's (rightmost) RSI value should be greater than or equal to 70. Bullish hidden divergence's second low's (rightmost) RSI value should be less than or equal to 30. 👉There is another feature also. This indicator colors the background based on whether the RSI is in a bullish or bearish range. If it's within 80-60, the background will be colored green (this means that RSI is in a bullish range). If it's within 40-20, the background will be colored red (this means that RSI is in a bearish range).
Pine Script® indicator
by SamaaraDas
4
Zig Zag Channels [LuxAlgo]The Zig Zag indicator is a useful indicator when it comes to visualizing past underlying trends in the price and can make the process of using drawing tools easier. The indicator consists of a series of lines connecting points where the price deviates more than a specific percentage from a maximum/minimum point ultimately connecting local peaks and troughs. This indicator by its very nature backpaints by default, meaning that the displayed components are offset in the past. 🔶 USAGE The Zig Zag indicator is commonly used to returns points of references for the usage of specific drawing tools, such as Fibonacci retracements, fans, squares...etc. The proposed indicator estimates peaks and troughs by using rolling maximums/minimums with a window size determining their significance. This window size approach allows us to have an indicator that works with a certain regularity no matter the scale of the price, something the percentage-based approach struggles with. Additionally, one upper and lower extremity are displayed, highlighting the price point that deviates the most from the Zig Zag lines. A common usage also includes the easy determination of Elliot wave patterns in the price. The Zig Zag indicator above highlights a downtrending motive wave. 🔹 Extremities The novel approach taken by this Zig Zag indicator is the addition of two extremities derived from the distance between the price and the Zig Zag line, thus returning channels. It is uncommon seeing extremities in Zig Zag indicators since the line connecting peaks and troughs has rarely any other utility than seeing trend variations with more clarity and is not meant to provide an accurate estimate of underlying local trends in the price. This channel can be useful to study the potential relationship between underlying trends and the Zig Zag line. A low width between the Zig Zag and the upper extremity indicates price variations mostly located below the Zig Zag while equal width indicates more linear trends. When the indicator is extended to the last line, the extremities provide potential support and resistances, thus making this indicator able to forecast price variations. 🔶 SETTINGS Length: Determines the significance of the detected peaks and troughs. Extend To Last Bar: Extend the most recent line to the most recent closing price value. Show Extremities: Displays the extremities. Show Labels: Display labels highlighting the high/low prices located at peaks and troughs. 🔹 Style Upper Extremity Color: Color of the upper extremity displayed by the indicator. Zig Zag Color: Color of the ZigZag lines. Lower Extremity Color: Color of the lower extremity displayed by the indicator.
Pine Script® indicator
by LuxAlgo
59
Flags and Pennants [Trendoscope®]🎲 An extension to Chart Patterns based on Trend Line Pairs - Flags and Pennants After exploring Algorithmic Identification and Classification of Chart Patterns and developing Auto Chart Patterns Indicator , we now delve into extensions of these patterns, focusing on Flag and Pennant Chart Patterns. These patterns evolve from basic trend line pair-based structures, often influenced by preceding market impulses. 🎲 Identification rules for the Extension Patterns 🎯 Identify the existence of Base Chart Patterns Before identifying the flag and pennant patterns, we first need to identify the existence of following base trend line pair based converging or parallel patterns. Ascending Channel Descending Channel Rising Wedge (Contracting) Falling Wedge (Contracting) Converging Triangle Descending Triangle (Contracting) Ascending Triangle (Contracting) 🎯 Identifying Extension Patterns. The key to pinpointing these patterns lies in spotting a strong impulsive wave – akin to a flagpole – preceding a base pattern. This setup suggests potential for an extension pattern: A Bullish Flag emerges from a positive impulse followed by a descending channel or a falling wedge A Bearish Flag appears after a negative impulse leading to an ascending channel or a rising wedge. A Bullish Pennant is indicated by a positive thrust preceding a converging triangle or ascending triangle. A Bearish Pennant follows a negative impulse and a converging or descending triangle. 🎲 Pattern Classifications and Characteristics 🎯 Bullish Flag Pattern Characteristics of Bullish Flag Pattern are as follows Starts with a positive impulse wave Immediately followed by either a short descending channel or a falling wedge Here is an example of Bullish Flag Pattern 🎯 Bearish Flag Pattern Characteristics of Bearish Flag Pattern are as follows Starts with a negative impulse wave Immediately followed by either a short ascending channel or a rising wedge Here is an example of Bearish Flag Pattern 🎯 Bullish Pennant Pattern Characteristics of Bullish Pennant Pattern are as follows Starts with a positive impulse wave Immediately followed by either a converging triangle or ascending triangle pattern. Here is an example of Bullish Pennant Pattern 🎯 Bearish Pennant Pattern Characteristics of Bearish Pennant Pattern are as follows Starts with a negative impulse wave Immediately followed by either a converging triangle or a descending converging triangle pattern. Here is an example of Bearish Pennant Pattern 🎲 Trading Extension Patterns In a strong market trend, it's common to see temporary periods of consolidation, forming patterns that either converge or range, often counter to the ongoing trend direction. Such pauses may lay the groundwork for the continuation of the trend post-breakout. The assumption that the trend will resume shapes the underlying bias of Flag and Pennant patterns It's important, however, not to base decisions solely on past trends. Conducting personal back testing is crucial to ascertain the most effective entry and exit strategies for these patterns. Remember, the behavior of these patterns can vary significantly with the volatility of the asset and the specific timeframe being analyzed. Approach the interpretation of these patterns with prudence, considering that market dynamics are subject to a wide array of influencing factors that might deviate from expected outcomes. For investors and traders, it's essential to engage in thorough back testing, establishing entry points, stop-loss orders, and target goals that align with your individual trading style and risk appetite. This step is key to assessing the viability of these patterns in line with your personal trading strategies and goals. It's fairly common to witness a breakout followed by a swift price reversal after these patterns have formed. Additionally, there's room for innovation in trading by going against the bias if the breakout occurs in the opposite direction, specially when the trend before the formation of the pattern is in against the pattern bias. 🎲 Cheat Sheet 🎲 Indicator Settings Custom Source : Enables users to set custom OHLC - this means, the indicator can also be applied on oscillators and other indicators having OHLC values. Zigzag Settings : Allows users to enable different zigzag base and set length and depth for each zigzag. Scanning Settings : Pattern scanning settings set some parameters that define the pattern recognition process. Display Settings : Determine the display of indicators including colors, lines, labels etc. Backtest Settings : Allows users to set a predetermined back test bars so that the indicator will not time out while trying to run for all available bars.
Pine Script® indicator
by Trendoscope
14