[RS]ZigZag Percent Reversal - Forecast - patterns - labels — Indicator by RicardoSantos

TradingView

15169 views

volatility trendanalysis breadthstudies zigzag range average forecast pattern time level

description:
• Zig Zag indicator plots points on the chart whenever prices reverse
by a percentage greater than a pre-chosen variable.
• Forecasts area based on zigzag statistics.
• Displays labels with detected patterns.
• Displays slope information rate of price, time diferentials and angle(experimental)

Release Notes: Added optional input method for zigzag be based on ATR percentage of price with additional optional multiplier.

Does anybody know if theres a script with only the zigzag line?

Awesome work

@RicardoSantos was asking which pairs and commodities does your script work well with and the time frames...and how do you adjust based on the volatility of currencies pairs

Hi Ricardo, thanks for the great indicator!

miaomiao18

@RicardoSantos I trade trend, and spent time testing this indicator on crypto, on D and 4hr chart, it seems it doesnt work well, as the orange dash prediction line and the box seem to be moving in small rang and following the trend up. maybe it's good for trading that count on next day price up or down? or maybe I did not get how to make it work on crypto chart better?

miaomiao18

@miaomiao18, you need to adjust for the underlying volatility, the current zigzag method doesnt work very well with high volatility theres on the TODO list optional methods to draw the zigzag, no ETA tho..

RicardoSantos

@RicardoSantos, Thanks for your reply!

RicardoSantos

@RicardoSantos, in the box, there shows an 4 arrow star, does it indicate anything for the user? or it's something in the code to define the box size and location only?

miaomiao18

@miaomiao18, its the average+deviation in price/time zigzag move, in other words is the most likely target for the zigzag, this has a short pool span so it will adapt "quickly" to changes in volatility, its also the basis for the box.

Hello @RicardoSantos I have been trying to modify your script so it plots an hline at the half way of the zigzag line. Example if the line is plottet from 10$ LL to 20$ HH, then an Hline will appear at price level 15$. This is described by Al Brooks in his trading courses and signifies an important level of retracement. I would really appriciate it if you could help me out on this one!