mmoiwgg

Zig Lines with Percent & Value

Overview, Features, and Usage:

The Zig Lines with Percent & Value is an indicator that highlights the highest and lowest points of the market from pivot points and zigzag lines based on the ZigZag Period setting. By a default value of 13 for the ZigZag 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 pivot point 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 pivot points and notice about how far the price moves before it changes direction (trend reversal).

There is an invisible EMA 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 pivot point . The display of the price at the pivot point depends on your ZigZag Period setting and the timeframe of your chart.

Added Bollinger Bands as it fits perfectly with the visuals of the Zig Lines & Pivots .
Usage of Bollinger Bands:
~As the price or candle gets close to the top or bottom of the Bollinger band it can give you a better confirmation that the pivot 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 Zig Zag with HHLL' script.


The addition of the Value above/below the Percentages is from user Noldo and that script is found here:


The Bollinger Bands setup was suggested by user countseven12 and his script that uses the same BB setup is found here:


References:

1. Chen, James. (2021 March 15). Zig Zag Indicator . Received from http: https://www.investopedia.com/terms/z/zig...
2. Mitchell, Cory. (2021 April 30). Pivot Points . Received from http: https://www.investopedia.com/trading/usi...
Release Notes: Added option to Enable/Disable the price at each pivot point.
*Requested by b0bbyG
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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Comments

Excellent indicator. Beautiful code. Clear explanation. Much appreciated!

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!
100 coins
+1 Reply
mmoiwgg RogueWick
@RogueWick, Thank you! I will definitely look into this and see what updates and changes would best support this indicator.
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@mmoiwgg, I would like to see a minimum % deviation option too. I feel that allows me to see all the deviations above my general stop loss % point.
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Hey - great indicator thanks for your work.

Is there a way I could get the price label to go? I'm only interested in the % - it would make my chart less cluttered. I can see you can remove the % but not the price label - much appreciated.
+2 Reply
mmoiwgg b0bbyG
@b0bbyG, Added the update - you may have to removed from favorites, then readd to see the new version, but there is now a setting to 'Show Price' and you can untick it if you want it removed.
+3 Reply
b0bbyG mmoiwgg
@mmoiwgg, Amazing - thanks for your work.
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That's brilliant work. Thank you sir!!!
Is there any chance I can setup a custom alert for >5% HIGH ALERT only?

Kind regards,
Paul.
+2 Reply
mmoiwgg adimof
@adimof, Possibly if you do something like
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.
+2 Reply
Perfect!

Billions of thanks to all of you guys who made that masterpiece. it gives accurate trendy entry and exit points than something else i used to use "super trend volatility index". thanks again and hope you are doing very well in your trades
+1 Reply
mmoiwgg tedmail86
@tedmail86, Thank you! Hope it serves you well!
Reply