fikira Wizard Updated   
Another ZigZag, yes...
I believe though this concerns another angle/principle, therefore I wanted to share

How does it work?

  • source for level breach -> close
  • X breaches -> 3

Let's say this is the latest found 'lower low' (LL - blue dot under bar):

This bar has been triggered because 3 bars closed under low of previous 'trigger bar' (TB )
The high and low of this new TB  will act as triggers
(aqua blue lines, seen in image above)

Then there are 2 options:
- again 3 bars closes under the latest TB , in that case the TB  moves to that new LL.
- 3 bars closes higher than the high of previous TB 

The high and low of this new TB  act again as trigger

If a new TB  LL/HH is found, the script checks previous LL/HH
and searches the highest/lowest point in between.
If necessary, the temporary highest/lowest will be adjusted:

Another example:

The last 2 points can change (repaint).
Yellow coloured lines/labels are set and won't change anymore.

In case of these settings:
source for level breach -> close
X breaches -> 3
once a new TB  is found, the high and low act as trigger lines
- when 3 bars closes under that low, a new LL is found, this will be the new TB 
- when 3 bars closes above that high, a new HH is found, this will be the new TB 
and so on...

  • source for level breach -> close or high/low - H/L
  • X breaches -> 1 -> 10
  • line style -> solid, dotted, dashed
  • show level breaches -> new found TB (blue/lime coloured)
  • show Support/Resistance (lines at the right)
  • repaint warning can be removed
  • show labels/lines

This ZZ can be used for Harmonic patterns, Trend evaluation, support/resistance,...

In this script, I also used new features
- text_font_family = font.family_monospace -> link
- display=display.pane -> link

Release Notes:
Added extra prevention of repaint (yellow lines/labels), using barstate.isconfirmed
Thank you @neviswealth for making me aware 🙏🏻

LuxAlgo Dev:

- We cannot control our emotions,
but we can control our keyboard -
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?