ZigZag with Retracement Levels — Indicator by PtGambler

breadthstudies supportandresistance volatility fibonacciretracement reversal support levels retracement supplyzone lonesometheblue

This is a modification to "ZigZag with Fibonacci Levels" by LonesomeTheBlue.

By default, the script finds the ZigZag, draws Fibonacci lines and labels accordinly. ZigZag period can be set.

The modification to the original script provides the following features:

1) Option for user to customize retracement levels, if they don't want to use Fibonacci levels. This allows for different strategy adoptions.

2) Option to show Fibonacci or custom retracement levels based on the latest pivot (including the current bar)

For example:

Enjoy and happy trading~!!

Release Notes:

Fixed calculation error on current fib level 1 and level 5

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Open-source script

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.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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