OPEN-SOURCE SCRIPT
ZigZag Multi [TradingFinder] Trend & Wave Lines - Structures
Updated
🔵Introduction
"Zigzag" is an indicator that forms based on price changes. Essentially, the function of this indicator is to connect consecutive and alternating High and Low pivots. This pattern assists in analyzing price changes and can also be used to identify classic patterns. "Zigzag" is an analytical tool that, by filtering partial price movements based on the specified period, can identify price waves across different time frames (short or long term).
🔵Reason for Creation
The combination of "short term zigzag" and "long term zigzag" enhances accuracy and reduces analysis time. In a time frame, "long term zigzag" represents the main trend, while "short term zigzag" depicts short-term waves.
🔵How to Use
After selecting the desired time frame and adding "zigzag" to the chart, begin utilization. Keep in mind to identify the main market trend from "long term zigzag" and the minor waves from "short term zigzag".
🟣Important: Additionally, classic patterns such as HH, LH, LL, and HL can be recognized. All traders analyzing financial markets using classic patterns and Elliot Waves can benefit from the "zigzag" indicator to facilitate their analysis.
🔵Settings
Short term zigzag: In this section, you can adjust settings such as time frame range, display mode, color, and line width of the zigzag lines.
Short term label: This section allows you to activate or deactivate the display of zigzag labels according to your needs. You can also customize their color and size.
Long term zigzag: Here, you can adjust settings for time frame range, display mode, color, and line width of zigzag lines.
Long term label: Similar to short term label settings.
The recommended time frame for "long term zigzag" is between 9 to 15, and for "short term zigzag" is between 3 to 5.
🟣Important Notes:
Considering the different behaviors of financial markets and various time frames, it is recommended to experiment with different time frame settings when using "zigzag" to find the best settings for each symbol and time frame, thereby preventing potential errors.
🟣Terminology Explanations:
"HH": When the price is higher than the previous peak (Higher High).
"HL": When the price is higher than the previous low (Higher Low).
"LH": When the price is lower than the previous peak (Lower High).
"LL": When the price is lower than the previous low (Lower Low).
"Zigzag" is an indicator that forms based on price changes. Essentially, the function of this indicator is to connect consecutive and alternating High and Low pivots. This pattern assists in analyzing price changes and can also be used to identify classic patterns. "Zigzag" is an analytical tool that, by filtering partial price movements based on the specified period, can identify price waves across different time frames (short or long term).
🔵Reason for Creation
The combination of "short term zigzag" and "long term zigzag" enhances accuracy and reduces analysis time. In a time frame, "long term zigzag" represents the main trend, while "short term zigzag" depicts short-term waves.
🔵How to Use
After selecting the desired time frame and adding "zigzag" to the chart, begin utilization. Keep in mind to identify the main market trend from "long term zigzag" and the minor waves from "short term zigzag".
🟣Important: Additionally, classic patterns such as HH, LH, LL, and HL can be recognized. All traders analyzing financial markets using classic patterns and Elliot Waves can benefit from the "zigzag" indicator to facilitate their analysis.
🔵Settings
Short term zigzag: In this section, you can adjust settings such as time frame range, display mode, color, and line width of the zigzag lines.
Short term label: This section allows you to activate or deactivate the display of zigzag labels according to your needs. You can also customize their color and size.
Long term zigzag: Here, you can adjust settings for time frame range, display mode, color, and line width of zigzag lines.
Long term label: Similar to short term label settings.
The recommended time frame for "long term zigzag" is between 9 to 15, and for "short term zigzag" is between 3 to 5.
🟣Important Notes:
Considering the different behaviors of financial markets and various time frames, it is recommended to experiment with different time frame settings when using "zigzag" to find the best settings for each symbol and time frame, thereby preventing potential errors.
🟣Terminology Explanations:
"HH": When the price is higher than the previous peak (Higher High).
"HL": When the price is higher than the previous low (Higher Low).
"LH": When the price is lower than the previous peak (Lower High).
"LL": When the price is lower than the previous low (Lower Low).
Release Notes
🔵Adding a useful feature"Support and resistance" levels are one of the basic concepts of "technical analysis" for many analysts. In this "Zig Zag" indicator, "pivots" are identified well and with high accuracy, and these pivots can be used to identify support and resistance levels.
Using the last pivots, we identify the closest support and resistance and display it.
🔵How to use
By default, support and resistance line display settings are off. By turning on the display of lines from the settings section, 4 lines are displayed, 2 of which are related to "major" support and resistance and 2 are related to "minor"support and resistance.
Major lines correspond to pivots identified with "long-term" periods, and minor lines correspond to pivots identified with "short-term" periods.
The display style of these lines is similar to zigzag lines related to long term and short term.
By default, minor surfaces are dashed and major surfaces are solid.
🔵Settings
At the bottom of the settings window, there are four support and resistance display buttons.
These four options are "Show Last Major Support", "Show Last Major Resistance", "Show Last Minor Support" and "Show Last Minor Resistance".
The display of these four levels is turned off by default. You can turn on whichever one you need depending on your needs.
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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