OPEN-SOURCE SCRIPT
Ghost Tangent Crossings [ChartPrime]
Ghost Tangent Crossings (ChartPrime) is a revolutionary way to visualize pivot points and zig-zag patterns that utilizes ellipses. This indicator makes sure that each pivot is plotted from high to low, ensuring a correct zig-zag wave pattern. Before a zig-zag is confirmed Ghost Tangent Crossings (ChartPrime) plots an estimate of the next valid move allowing you to plan well ahead of time. Once it is confirmed, the indicator will fill in the plot with a solid color and print a break label.
Unlike other zig-zag or pivot point indicators, Ghost Tangent Crossings (ChartPrime) only has a pivot lookforward input. This is because the lookback is automatically adjusted based on the last known zig-zag. This allows the indicator to dynamically look for the most recent valid market movement. The equipoint is calculated as the point along the ellipse with an equal change in price on either side. From this point we plot a line with the slope at that location and when the price breaks this level a break label is plotted. Alternatively you can plot this point as a horizontal line. This area works as support and resistance for the market as its the point where the balance in movement is found. We feel that this is a simple and elegant solution to connected zig-zag patterns that utilizes a novel method of visualization that many traders will find useful. With its simple controls and intuitive style, we believe that Ghost Tangent Crossings (ChartPrime) will find a home on most traders charts.
To use Ghost Tangent Crossings (ChartPrime) simply add it to your chart and adjust the lookforward to your taste. From there you can adjust the color of the zig-zags and enable or disable any of the visual features. We have included both wick and body pivot types to accommodate most trading style. From there, you are all done and ready to trade!
Enjoy
Unlike other zig-zag or pivot point indicators, Ghost Tangent Crossings (ChartPrime) only has a pivot lookforward input. This is because the lookback is automatically adjusted based on the last known zig-zag. This allows the indicator to dynamically look for the most recent valid market movement. The equipoint is calculated as the point along the ellipse with an equal change in price on either side. From this point we plot a line with the slope at that location and when the price breaks this level a break label is plotted. Alternatively you can plot this point as a horizontal line. This area works as support and resistance for the market as its the point where the balance in movement is found. We feel that this is a simple and elegant solution to connected zig-zag patterns that utilizes a novel method of visualization that many traders will find useful. With its simple controls and intuitive style, we believe that Ghost Tangent Crossings (ChartPrime) will find a home on most traders charts.
To use Ghost Tangent Crossings (ChartPrime) simply add it to your chart and adjust the lookforward to your taste. From there you can adjust the color of the zig-zags and enable or disable any of the visual features. We have included both wick and body pivot types to accommodate most trading style. From there, you are all done and ready to trade!
Enjoy
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.
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.