Daveatt

Trend Direction Helper (ZigZag and S/R and HH/LL labels)

Hey everyone

First of all, I'd like to thank Ricardo Santos, Backtest Rookies for the inspiration for this script.
Actually, most of it is coming from them and I only mixed them up (and added my secret sauce ^^). If some of you are not thinking about a trading secret sauce , please get serious for a moment :)

Some of you asked me how I do to set the trend direction. You all understood that if you get an UP label, then the price should go up and vice-versa for down.
But it's not so easy to define the good signals for each asset and each timeframe. I'm going to repeat what I said yesterday because ... well... that's what trading is about
So quoting myself here "The inputs set by default will have to be changed for your asset/timeframe and can't be generic for everything. You have to play with the inputs until the signals will make sense to you
The indicator/strategy with a unique configuration that you'll never check or update according to the market condition DOES NOT exit. "

BUT... a bit of patience and practice and you might do wonders.

The Method

I never realized until now but by connecting the higher highs/lower lows, I was drawing zigzag lines.
The Zig Zag Master is Ricardo Santos. Please give him a follow, he's awesome

For those who don't want to draw on the chart or (my preferred choice) need some inspiration to define your trend directions, this script is for YOU (and your family, your pet, your girlfriend/boyfriend, ...)

I think that each asset/timeframe chart has its own history. What worked in a post could work in the future.
In that regard, if a trend direction worked in the past, that's the parameter that I'll use to trade with it in a demo account and make sure it's relevant. If not then I will adjust

If you're trading with new indicators or a new method right away on your real trading account, you're gonna have a bad time https://imgflip.com/i/39aafp

Lines EVERYWHERE

The script draws the classical horizontal pivots + the zig zag lines + the Higher Highs/Lower Lows label in just 1 script. I'm very excited to share a script (on which I coded 100 lines out of 500) but no one else did it
The horizontal pivots part are coming from Backtest Rookies

For more security, you can add a pullback on a moving average after getting a signal. Pullbacks are necessary to limit any eventual loss or maximize your gains by getting in the trend sooner.

I really give you a solid method and a great script in my opinion. 6 years of experience given away for FREE :p (when Dave will start thinking as a business man instead :O)

Does it repaint ?

Getting this question twice a day. You guys are obsessed with the repainting :)
Short answer, yes because it will calculate the pivots and zig zags whenever new higher highs/lower lows will be formed.
However, the trend direction code is based on the candle close so it shouldn't repaint. If it does, please let me know

See you all on Monday

Love you all
Dave

____________________________________________________________

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Disclaimer:
Trading involves a high level of financial risk, and may not be appropriate because you may experience losses greater than your deposit. Leverage can be against you.
Do not trade with capital that you can not afford to lose. You must be aware and have a complete understanding of all the risks associated with the market and trading. We can not be held responsible for any loss you incur.
Trading also involves risks of gambling addiction.
Please notice I do not provide financial advice - my indicators, strategies, educational ideas are intended to provide only some source code for anyone interested in improving their trading
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Catatan Pelepasan: - Fixed S/R display
Catatan Pelepasan: - Again an issue fixed
Catatan Pelepasan: - Another fix
Keluarkan daripada Skrip Pilihan Tambah kepada Skrip Pilihan
Dave
Founder of Best Trading Indicator
thanks a lot for the good work,

could you please help regarding B and S labels, i need to create an alarm for it.

thanks again,
Balas
Great script like always, however my main concern is if the zig zag will repaint?
+2 Balas
Daveatt mark2005luis
@mark2005luis, maybe you should read this indicator description again :) especially the last part
Balas
Gift that keeps on giving, max respect sir
+1 Balas
Thousands of thumb up Daveatt...and thanks for share! I wanted to ask you...if it is possible to add the calculation of the trend slope and to see that value.
+1 Balas
@Vvp57, I won't be able to do it before next week but in the meantime you can use this script from the great @Duyck
You can define a moving average matching your trend and estimate the slope using the script I just mentioned
Balas
Vvp57 Daveatt
@Daveatt, thanks for the response mate. I saw the Duyck indicator before, but he does the slope of a sma, and I would like to know the slow of a trend...of course I can always draw it by myself. just thinking if it maybe something easy to program because useful for elliot wave. I am studying it.
Balas
@Vvp57, a trend could me symbolize by a SMA also. Generally I use the SMA 50 to define the mid-term trend and estimated the slope using the indicator I just shared
I'm only sharing what I personally use for trading :)
Balas
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