Multi-ZigZag Multi-Oscillator Trend DetectorThis table is intended to give you snapshot of how price and oscillators are moving along with zigzag pivots.
This is done in the same lines of Zigzag-Trend-Divergence-Detector
But, here are the differences
Table shows multiple oscillator movements at a same time instead of one selected oscillator
Divergence is not calculated and also supertrend based trend. Trend can be calculated based on zigzag movements. However, lets keep this for future enhancements.
This system also uses multiple zigzags instead of just one.
⬜ Process
▶ Derive multiple zigzags - Code is taken from Multi-ZigZag
▶ Along with zigzags - also calculate different oscillators and attach it to zigzag pivot.
▶ Calculate directions of zigzag pivots and corresponding oscillators.
▶ Plot everything in the table on last bar.
⬜ Table components
Table contains following data:
Directional legends are:
⇈ - Higher High (Green)
⇊ - Lower Low (Red)
⭡- Lower High (Orange)
⭣ - Higher Low (Lime)
⬜ Input Parameters
▶ Source : Default is close. If Unchecked - uses high/low data for calculating pivots. Can also use external input such as OBV
▶ Stats : Gives option to select the depth of output (History) and also lets you chose text size and table position.
▶ Oscillators : Oscillator length is derived by multiplying multiplier to zigzag length. For example, for zigzag 5, with 4 as multiplier, all oscillators are calculated with length 20. But, same for zigzag 8 will be 32 and so on.
▶ Available oscillators :
CCI - Commodity Channel Index
CMO - Chande Momentum Oscillator
COG - Center Of Gravity
MFI - Money Flow Index (Shows only if volume is present)
MOM - Momentum oscillator
ROC - Rate Of Change
RSI - Relative Strength Index
TSI - Total Strength Index
WPR - William Percent R
BB - Bollinger Percent B
KC - Keltner Channel Percent K
DC - Donchian Channel Percent D
ADC - Adoptive Donchian Channel Percent D ( Adoptive-Donchian-Channel )
⬜ Challenges
There are 12 oscillators and each zigzag has different length. Which means, there are 48 combinations of the ocillators.
First challenge was generating these values without creating lots of static initialization. Also, note, if the functions are not called on each bar, then they will not yield correct result. This is achieved through initializer function which runs on every bar and stores the oscillator values in an array which emulates multi dimensional array oscillator X zigzag length.
Next challenge was getting these values within function when we need it. While doing so I realized that values stored in array also have historical series and calling array.get will actully get you the entire series and not just the value. This is an important takeaway for me and this can be used for further complex implementations.
Thanks to @LonesomeTheBlue and @LucF for some timely suggestions and interesting technical discussions :) Indicator
Momentum-based ZigZag (incl. QQE) NON-REPAINTINGI spent a lot of time searching for the best ZigZag indicator. Difficulty with all of them is that they are always betting on some pre-defined rules which identify or confirm pivot points. Usually it is time factor - pivot point gets confirmed after a particular number of candles. This methodology is probably the best when market is moving relatively slow, but when price starts chopping up and down, there is no way the ZigZag follows accurately. On the other hand if you set it too tight (for example pivot confirmation after only 2 or even 1 candle), you will get hundreds of zigzag lines and they will tell you nothing.
My point of view is to follow the market. If it has reversed, then it has reversed, and there is no need to wait pre-defined number of candles for the confirmation. Such reversals will always be visible on momentum indicators, such as the most popular MACD. But a single-line moving average can be also good enough to notice reversals. Or my favourite one - QQE, which I borrowed (and improved) from JustUncleL, who borrowed it from Glaz, who borrowed it from... I don't even know where Quantitative Qualitative Estimation originates from. Thanks to all these guys for their input and code.
So whichever momentum indicator you choose - yes, there is a pick-your-poison-type selector as in in-famous Moving Average indicators - once it reverses, a highest (or lowest) point from the impulse is caught and ZigZag gets printed.
One thing I need to emphasize. This indicator DOES NOT REPAINT. It might look like the lines are a bit delayed, especially when compared to all the other ZigZag indicators on PulseWire, but they are actually TRUE. There is a value in this - my indicator prints pivot points and Zigzag exactly on the moment they have been noticed, not earlier faking to be faster than they could be.
As a bonus, the indicator marks which impulse had strength in it. It is very nice to see a progressing impulse, but without force - a very likely that reversal on a bigger move is happening.
I'm about to publish some more scripts based on this ZigZag algo, so follow me on PulseWire to get notified.
Enjoy! Indicator
Indicator
Indicator
Indicator
Indicator
Elliot Wave - ImpulseLets dabble a bit into Elliot Waves.
This is a simple script which tries to identify Wave 1 and 2 of Elliot Impulese Wave and then projects for Wave 3.
Ratios are taken from below link: elliottwave-forecast.com - Section 3.1 Impulse
Wave 2 is 50%, 61.8%, 76.4%, or 85.4% of wave 1 - used for identifying the pattern.
Wave 3 is 161.8%, 200%, 261.8%, or 323.6% of wave 1-2 - used for setting the targets
Important input parameters
Length : Zigzag Length. Keep the numbers low if you are looking for smaller and shorter trades. Keep the numbers high if you are looking for longer and bigger trades.
Error Percent : Adjustments for ratios as it is not always possible to find exactly equal retracement ratio.
Entry Percent : Once Wave 2 is formed, entry is set after reversing 30% of wave 2. This number can be increased or decreased. Caution: Keeping the number too low may result in false signals.
Ignore Trend Direction : If unchecked, it will only look for pattern if Wave 1 has made a higher high. If not, it will ignore Wave 1 condition and only look at wave 1 to 2 ratio.
Handle Duplicates : Since, the labels are generated upon crossover of entry price, this crossover may happen multiple times. Or sometimes wave 2 can further extend and generate new signal with same wave 1. This parameter says how to handle such cases. Keep Last is set to default and is most preferred option.
ShowRatios and ShowWaves lets you display wave line and retracement ratios for each pivots
Indicator
Indicator
Indicator
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.
Indicator
Indicator
Indicator
Indicator
ADX SignalsThis script uses the Average Direction Index, On Balance Volume, and Exponential Moving Average, Moving Average Cross, MACD, Donchian Channels and two Parabolic SARs for stop loss, a normal one and a line one.
I tried to make the script as straightforward as possible, Buy when there is a buy signal and sell when there is a sell signal. I like using it on the smaller time-frames because I'm a scalper and I like going in and out quickly, but this indicator can be used on any timeframe and works on any instrument. The buy signal is triggered when the DI+ goes above the 30 level, the ADX is not increasing, on balance volume is at it's lowest, the price is above the lower Donchian Channel and last MACD hist bar is lower than the previous one. The sell signal is triggered when the DI- goes above the 30 level, the ADX is not increasing, on balance volume is at it's highest, the price is below the upper Donchian Channel and last MACD hist bar is upper than the previous one.
If you have any suggestions feel free to leave them in the comments below or Message me directly. Indicator
Indicator
Auto PitchFan, Fib Extension/Retracement and ZigZag by DGT Aᴜᴛᴏ PɪᴛᴄʜFᴀɴ, Fɪʙ Exᴛᴇɴꜱɪᴏɴ/Rᴇᴛʀᴀᴄᴇᴍᴇɴᴛ ᴀɴᴅ ZɪɢZᴀɢ
This study aim to automate PitchFan drawing tool and combines it with Fibonacci Extentions/Retracements and ZigZag.
Common setting options, applied to all components of the study
Deviation , is a multiplier that affects how much the price should deviate from the previous pivot in order for the bar to become a new pivot. Increasing its value is one way to get higher timeframe Levels
Depth , affects the minimum number of bars that will be taken into account when building
Historical PitchFan / Fibonacci Levels option will allow plotting of PitchFan / Fibonacci Levels on previous Pivot Highs/Lows
█ PɪᴛᴄʜFᴀɴ — is a set of rays spreading out of the point of a trend's beginning. These rays inclined with the coefficients formed by a Fibonacci number sequence. It is recommended to adjust the Pitchfan plottings to fit after the first wave of the trend has passed and the correction has clearly begun.
PitchFan rays corresponding to Fibonacci levels appear on a chart and represent inclined lines of support and resistance. Price areas near these rays are estimated areas from which the price can turn around or make a significant rebound. The whole logic of working with a pitchfan is based on one simple idea - if the price has bounced off the level, then the correction is likely to end, and the trend will continue. If the price has broken the first resistance, you should wait for the next level test
- Automatically plots PitchFan Rays, based on Pivot Lows/Highs.
- Ability to set ALERTs for each PitchFan Ray Level
- PitchFan Labels displays the price of the line at the last bar, the price value will be recalculated in each new bar
Please check the link provided below with the educational post of how to apply pitchfork, application of pitchfan is same keeping in mind the recommendation stated above
█ Fɪʙ Rᴇᴛʀᴀᴄᴇᴍᴇɴᴛs / Exᴛᴇɴꜱɪᴏɴꜱ
Fibonacci retracements is a popular instrument used by technical analysts to determine support and resistance areas. In technical analysis, this tool is created by taking two extreme points (usually a peak and a trough) on the chart and dividing the vertical distance by the key Fibonacci coefficients equal to 23.6%, 38.2%, 50%, 61.8%, and 100%.
Fibonacci extensions are a tool that traders can use to establish profit targets or estimate how far a price may travel AFTER a retracement/pullback is finished. Extension levels are also possible areas where the price may reverse.
IMPORTANT NOTE: Fibonacci extensions option may require to do further adjustment of the study parameters for proper usage. Extensions are aimed to be used when a trend is present and they aim to measure how far a price may travel AFTER a retracement/pullback. I will strongly suggest users of this study to check the education post for further details where to use extensions and where to use retracements
- Automatically plots possible Support and Resistance levels, based on Pivot Lows/Highs.
- Ability to set ALERTs for each Fibonacci Extension/Retracement Level
- Labels displays the level and the level price
█ Zɪɢ Zᴀɢ — The Zig Zag indicator is used to help identify price trends and changes in price trends. The Zig Zag indicator plots points on a chart whenever prices reverse by a percentage greater than a Deviation variable. Straight lines are then drawn, connecting these points. The Zig Zag indicator serves base for PitchFan and Fibonacci Retracements / Extensions
█ OTHER
PitchFan is often used in combination with the other indicators and/or drawing tools such as Fibonacci Retracement, Fibonacci Channels, Fibonacci Time Zone and others. It allows identify the most powerful areas from which price can turn and to get more accurate trading signal
Andrews’ Pitchfork, how to apply pitchfork and automated pitchfork study
Fibonacci Fans, how to apply fibonacci fans and automated fibonacci speed and resistance fans study
Fibonacci Extension / Retracement, where to use extensions and where to use retracements and automated fibonacci extension / retracement / pivot points study
Others
Fibonacci Channels, how to apply fibonacci channels and automated fibonacci channels study
Linear Regression Channels, , what linear regression channels are? and linear regression channel/curve/slope study
Disclaimer :
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd PulseWire user liable for any possible claim for damages arising from any decision you make based on use of the script
Indicator
Fibonacci Extension / Retracement / Pivot Points by DGTFɪʙᴏɴᴀᴄᴄɪ Exᴛᴇɴᴛɪᴏɴ / Rᴇᴛʀᴀᴄᴍᴇɴᴛ / Pɪᴠᴏᴛ Pᴏɪɴᴛꜱ
This study combines various Fibonacci concepts into one, and some basic volume and volatility indications
█ Pɪᴠᴏᴛ Pᴏɪɴᴛꜱ — is a technical indicator that is used to determine the levels at which price may face support or resistance. The Pivot Points indicator consists of a pivot point (PP) level and several support (S) and resistance (R) levels. PP, resistance and support values are calculated in different ways, depending on the type of the indicator, this study implements Fibonacci Pivot Points
The indicator resolution is set by the input of the Pivot Points TF (Timeframe). If the Pivot Points TF is set to AUTO (the default value), then the increased resolution is determined by the following algorithm:
for intraday resolutions up to and including 5 min, 4HOURS (4H) is used
for intraday resolutions more than 5 min and up to and including 45 min, DAY (1D) is used
for intraday resolutions more than 45 min and up to and including 4 hour, WEEK (1W) is used
for daily resolutions MONTH is used (1M)
for weekly resolutions, 3-MONTH (3M) is used
for monthly resolutions, 12-MONTH (12M) is used
If the Pivot Points TF is set to User Defined, users may choose any higher timeframe of their preference
█ Fɪʙ Rᴇᴛʀᴀᴄᴇᴍᴇɴᴛ — Fibonacci retracements is a popular instrument used by technical analysts to determine support and resistance areas. In technical analysis, this tool is created by taking two extreme points (usually a peak and a trough) on the chart and dividing the vertical distance by the key Fibonacci coefficients equal to 23.6%, 38.2%, 50%, 61.8%, and 100%. This study implements an automated method of identifying the pivot lows/highs and automatically draws horizontal lines that are used to determine possible support and resistance levels
█ Fɪʙᴏɴᴀᴄᴄɪ Exᴛᴇɴꜱɪᴏɴꜱ — Fibonacci extensions are a tool that traders can use to establish profit targets or estimate how far a price may travel AFTER a retracement/pullback is finished. Extension levels are also possible areas where the price may reverse. This study implements an automated method of identifying the pivot lows/highs and automatically draws horizontal lines that are used to determine possible support and resistance levels.
IMPORTANT NOTE: Fibonacci extensions option may require to do further adjustment of the study parameters for proper usage. Extensions are aimed to be used when a trend is present and they aim to measure how far a price may travel AFTER a retracement/pullback. I will strongly suggest users of this study to check the education post for further details, where to use extensions and where to use retracements
Important input options for both Fibonacci Extensions and Retracements
Deviation, is a multiplier that affects how much the price should deviate from the previous pivot in order for the bar to become a new pivot. Increasing its value is one way to get higher timeframe Fib Retracement Levels
Depth, affects the minimum number of bars that will be taken into account when building
█ Volume / Volatility Add-Ons
High Volatile Bar Indication
Volume Spike Bar Indication
Volume Weighted Colored Bars
This study benefits from build-in auto fib retracement tv study and modifications applied to get extentions and also to fit this combo
Disclaimer:
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd PulseWire user liable for any possible claim for damages arising from any decision you make based on use of the script
Indicator
Indicator
Auto Pitchfork, Fib Retracement and Zig Zag by DGTPitchfork is a technical indicator for a quick and easy way for traders to identify possible levels of support and resistance of an asset's price. It is presents and based on the idea that the market is geometric and cyclical in nature
Developed by Alan Andrews, so sometimes called Andrews’ Pitchfork
It is created by placing three points at the end of previous trends
Schiff and Modified Pitchfork is a technical analysis tool derived from Andrews' Pitchfork
In general, traders will purchase the asset when the price falls near the support of either the center trendline or the lowest trendline. Conversely, they'll sell the asset when it approaches the resistance of either the center line or the highest trendline.
█ Study OPTIONS
Auto Pitchfork , the main aim of the study
Pivots threshold can be customized by “Deviation” and “Depth” input options
Pitchfork Type selection, available options Andrews' Pitchfork (Original), Schiff and Modified Pitchfork
Ability to set ALERTs for the Pitchfork Levels
Ability to add customized levels (all level lines customizable)
Auto Fib Retracement – This is the build-in study of PulseWire, slight changes applied to fit with Auto Pitchfork
Zig Zag – Derived from build-in Auto Fib Retracement with some customization options.
█ Usage Tips :
Andrews' Pitchfork (Original) best fit in a Strong Trending Market
Schiff and Modified Pitchfork better with Correcting or Sideways Market. Modified Pitchfork is almost identical to a Parallel Chanel
Disclaimer :
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd PulseWire user liable for any possible claim for damages arising from any decision you make based on use of the script
Indicator
Indicator
Donchian Zig-Zag [LuxAlgo]The following indicator returns a line bouncing of the extremities of a Donchian channel, with the aim of replicating a "zig-zag" indicator. The indicator can both be lagging or lagging depending on the settings user uses.
Various extended lines are displayed in order to see if the peaks and troughs made by the Donchian zig-zag can act as potential support/resistance lines.
User Settings
Length : Period of the Donchian channel indicator, higher values will return fewer changes of directions from the zig-zag line
Bounce Speed : Determine the speed of bounces made by the zig-zag line, with higher values making the zig-zag line converge faster toward the extremities of the Donchian channel.
Gradient : Determine whether to use a gradient to color the area between each Donchian channel extremities, "On" by default.
Transparency : Transparency of the area between each Donchian channel extremities.
Usage
It is clear that this is not a very common indicator to see, as such usages can be limited and very hypothetical. Nonetheless, when a bounce speed value of 1 is used, the zig-zag line will have the tendency to lag behind the price, and as such can provides crosses with the prices which can provide potential entries.
The advantage of this approach against most indicators relying on crosses with the price is that the linear nature of the indicator allows avoiding retracements, thus potentially holding a position for the entirety of the trend.
Altho this indicator would not necessarily be the most adapted to this kind of usage.
When using a bounce speed superior to 1, we can see the predictive aspects of the indicator:
We can link the peaks/troughs made by the zig-zag with the precedent ones made to get potential support and resistance lines, while such a method is not necessarily accurate it still allows for an additional to interpret the indicator.
Conclusions
We presented an indicator aiming to replicate the behaviour of a zig-zag indicator. While somehow experimental, it has the benefits of being innovative and might inspire users in one way or another. Indicator
Indicator
Indicator
