OPEN-SOURCE SCRIPT
Zig Zag + Breakout Long Signal
Description
This indicator combines a classic ZigZag with a long-only breakout logic.
A buy signal (small upward triangle) is generated when the price closes above the last confirmed swing high.
The ZigZag calculation can be based either on closing prices or on high/low prices, depending on the selected input option.
This allows the user to adjust the indicator to a more conservative (close-based) or more sensitive (high/low-based) behavior.
Each swing high can trigger only one breakout signal, preventing repeated entries on the same level.
The indicator is designed to help identify trend continuation setups and breakouts from consolidation phases.
An optional confirmed-pivot mode can be used to reduce repainting.
Disclaimer
This indicator is provided for educational and informational purposes only.
It does not constitute financial advice, investment recommendations, or a solicitation to buy or sell any financial instrument.
Trading involves risk, and past performance does not guarantee future results.
Always conduct your own analysis and use proper risk management before making trading decisions.
This indicator combines a classic ZigZag with a long-only breakout logic.
A buy signal (small upward triangle) is generated when the price closes above the last confirmed swing high.
The ZigZag calculation can be based either on closing prices or on high/low prices, depending on the selected input option.
This allows the user to adjust the indicator to a more conservative (close-based) or more sensitive (high/low-based) behavior.
Each swing high can trigger only one breakout signal, preventing repeated entries on the same level.
The indicator is designed to help identify trend continuation setups and breakouts from consolidation phases.
An optional confirmed-pivot mode can be used to reduce repainting.
Disclaimer
This indicator is provided for educational and informational purposes only.
It does not constitute financial advice, investment recommendations, or a solicitation to buy or sell any financial instrument.
Trading involves risk, and past performance does not guarantee future results.
Always conduct your own analysis and use proper risk management before making trading decisions.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.