π― This Zigzag indicator build based on different MA such as EMA/HMA/RMA/SMA, support multi-timeframe setting. you can get customer zigzag indicator by change short/long ma length and high-timeframe config(5m/15m/30m/1h/2h) in any symbol.
π² Indicator design logic
π― entired logic is simple and code looks complex, Iβll explain core logic here, code already equipped with detailed comments.
1. use close-in EMA's highest/lowest value mark as SWING High/Low when EMA crossover/under, not use func ta.pivothigh()/ta.pivotlow() 2. when EMA crossover/under plot a char as signal like β/β/β², crossover get blue char crossunder get red char 3. latest zigzag line is not drawn until EMA is turned(crossover/under), but signal is realtime 4. you can see diff zigzag structure when you open high-timeframe config, then find regular pattern benefit your trading.
π² Settings
π― there are 3 group properties in script, just focus on 5 properties in 'GRP1', 'GRP2' and 'GRP3' are display config.
'GRP1':
MA_Type: MA type you can choose(EMA/RMA/SMA/HMA/WMA), default is EMA
short_ma_len: short MA length of your current timeframe on chart
long_ma_len: long MA length of your current timeframe on chart
htf_ma_len: MA length of high timeframe, MA type same as 'MA_Type' config
htf_ma_tf: high timeframe ma length, 15/30/60/120 minute
π― As we know, MA based signal usually worked fine in trend market, low volatility is unprofitable.
π― One of pattern as the chart show below. 1. success example: after a blue β² signal, entry long when blue β signal appear, marked with green box. 2. failed example: after a blue β² signal, a red βΌ signal appear, marked with white box.
π― BoS(Break of Structure) based on ma zigzag is a good idea I'm implementing, it will be published in next script.
Additionally, I plan to publish 20 profitable strategies in 2023; this indicatior not one of them, letβs witness it together!
Why does signal give lateΰ₯€ Can you please add buy and sell signal alsoΰ₯€ And nice script π
liwei666
β
@vinikumar72, Hi, this part 'One of pattern as the chart show below.' is a description of signals, zigzag line late because it need HH/LL confirm, thx for encourage, sir.