HH-LL ZZ

Oct 3, 2022

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

How does it work?

Given:

• 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.

Concluded:
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...

Settings:

• 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

Cheers!

Jul 1

Release Notes

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