HLC3_Z — Indicator by TradePriceActionWithMe

This indicator uses a single price point for each session (HLC3 by default) to draw waves.
This helps to filter out small or high frequency fluctuation in the price, and focus on the trend.
There are also options to display cumulative volume for each wave, or to overlay the price source to draw the wave on the chart.
I find using this indicator helps with finding the wave structures or the head or bottom structures such as head-and-shoulder.

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.

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.

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