Volatility ZigZag

It calculates and plots zigzag lines based on volatility and price movements. It has various inputs for customization, allowing you to adjust parameters like source data, length, deviation, line styling, and labeling options.

The indicator identifies pivot points in the price movement, drawing lines between these pivots based on the deviation from certain price levels or volatility measures.

The script labels various data points at the ZigZag pivot points on the chart. These labels provide information about different aspects of the price movement and volume around these pivot points. Here's a breakdown of what gets labeled:

Price Change: Indicates the absolute and average percentage change between the two pivot points. It displays the absolute or relative change in price as a percentage. Additionally, the average absolute price increase or the average rate of increase can also be labeled.
Volume: Shows the total volume and average volume between the two pivot points.
Number of Bars: Indicates the number of bars between the current and the last pivot point.
Reversal Price: Displays the price of the reversal point (the previous pivot).
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.


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