ZigZag (Using Line Array)

Trendoscope Wizard Updated   
This is standard zigzag indicator. I just coded them using lines array feature of pine - so that it can be done in least number of lines of code.

Few possible improvements:

  • Use label array to mark HH, HL, LH and LL
  • Add standard deviation check
Release Notes:
Added updates mentioned in the description.
Release Notes:
Corrected HL and LH labels
Release Notes:
Added ratios display.
Release Notes:
  • Previously, using pivotHigh and pivotLow on every bar for last 10 periods caused some inconsistencies in plotting zigzag. Hence, switched to points based calculation. However, zigzags are still created via lines array
  • Fixed empty label issue
Release Notes:
Solved array index out of bounds issue
Release Notes:
Adding option to apply zigzag on different source such as RSI. This enables plotting zigzag and ratios on RSI - which can be used for finding divergence.
Release Notes:
  • Corrected minor logical error.
  • Removed DeviationThreshold as it was leading to wrong calculation

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.


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.

Want to use this script on a chart?