The Zig Lines with Percent & Value is an indicator that highlights the highest and lowest points of the market from and lines based on the Period setting. By a default value of 13 for the Period this works well on Bitcoin or other alt coins on the 1 hour or higher timeframe charts.
What makes this indicator unique is that it draws a green line to signify an uptrend or a red line to signify a down trend. It will also show the percent difference between the previous point/line, for example: If you see a -negative percentage point with a red line drawn to it, then you are looking at a low and then as the green line is drawn to a +positive percentage value the percentage you see is the difference between the two points. This is great to see a trend reversal as you can look at previous and notice about how far the price moves before it changes direction (trend reversal).
There is an invisible line that is used to assist with coloring the negative vs positive values. The value above or below the percentage is the lowest or highest price at that . The display of the price at the depends on your Period setting and the timeframe of your chart.
Added as it fits perfectly with the visuals of the Zig Lines & .
Usage of Bands:
~As the price or candle gets close to the top or bottom of the it can give you a better confirmation that the location is at it's final place, and the trend is more likely to switch directions.
It’s important to know this indicator should not be used for alerts of any type it does repaint as the green or red line is drawing based on live chart data and it can change depending on the direction of the market. This is a great visual tool for trend analysis or to be used with other indicators as a confirmation for a possible good entry or exit position.
Credits (and consent to use):
Credits go to user LonesomeTheBlue for creation of this 'Double with HHLL' script.
The addition of the Value above/below the Percentages is from user Noldo and that script is found here:
The setup was suggested by user countseven12 and his script that uses the same BB setup is found here:
1. Chen, James. (2021 March 15). . Received from http: https://www.investopedia.com/terms/z/zig...
2. Mitchell, Cory. (2021 April 30). . Received from http: https://www.investopedia.com/trading/usi...
*Requested by b0bbyG
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.
Check out this video:
What I'd love to see is an option for the second number: instead of price at pivot point, % change per candle or $ change per candle. This would put a number on the visually perceptible slope of each movement. I'm curious about the slope as $/hr of movement to compare across timeframes, but the simpler per candle version would be very informative. Thanks again!
alertcondition(highs and plabel > 5.000, title='High Alert +5%', message='High Alert +5%')
I will play around with it and see what works, and make an updated version if I find something that produces that alert consistently.