This script creates Chart by using waves, so it's timeless chart meaning that no time dependency on X-axis. Optionally it can calculate & show Zigzag Supertrend or . Also it can change bar colors of the main chart by trend direction of Supertrend.
As seen below, each wave is a candle on chart:
You have a few options and using these options you can find best settings for the securities/timeframes.
You can change period, if you change Period then all and the chart is recalculated/reconstructed.
You have option to show Supertrend or Moving Average, the options you have;
- You can change ATR Length and ATR multiplier for supertrend
- You can change Length for
You can change candle & wick colors using options. Also you have option to change bar colors according to Supertrend direction.
As it's timeless chart, below you can see how/when bar colors and Supertrend change:
You can see of the Candles:
You can play with ATR length and multiplier to find best supertrend:
You can play with the candle & wick colors:
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 a publication is governed by House Rules. You can favorite it to use it on a chart.