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AutomaticZigZag

5
This is a non-parametric ZigZag providing 4 different methods of calculation.
  1. Upward edge continues on new bars while their `highs` are above highest `low` among previous bars, downward edge continues on next bars while their `lows` are below lowest `high` among previous;
  2. Gann swing: upward edge continues while `highs` and `lows` are higher than on the left adjacent bar, downward edge continues while `highs` and `lows` are lower than on the left adjacent bar. Inside bars (with lower `high` and higher `low`) and outside bars (with higher `highs` and lower `low`) do not affect edge direction;
  3. Weis wave: upward edge continues while `close` prices increase, downward edge continues while `close` prices decrease;
  4. Retracement by price % or Self-Adjusting Level.
In addition to zigzag itself (shown in orange color), the indicator shows signal marks on those bars where zigzag direction changes. The blue arrow up denotes that new bullish edge is started (but not yet completed), whereas the red arrow down denotes that new bearish edge is emerging (but not yet completed). This marks can be used as trading signals.


Parameters

  • Mode - one of supported methods: High below Low/Low above High, Gann swing, Close vs Close (Weis wave), Retracement;
  • ProcessTicks - an option to calculate ZigZag on every tick, by default - false; with this value, the last incomplete edge is not shown until it's formed comletely and new (hidden yet) edge is started; if the option is set to true, the last incomplete edge is shown on the chart and my be redrawn according to ongoing price action;
  • RetracementPercent - size of price retracement (%), which changes zigzag direction (used in Retracement or Close vs Close modes only); 0 by default means special auto-adaptive retracement algorithm (see below);


NOTE. As with any other ZigZag implementation, the indicator may redraw the last edge if it's not yet completed (and tick processing is enabled). This is by design. All previous edges and up/down marks are stable.


WARNING. While using the 1-st mode, the extremums may not always hit visually most prominent candles. This happens if a higher high or a lower low occurs on a bar where new edge is already forming in opposite direction. For example, if a down arrow mark is shown on the bar A, that means that downward edge is forming on the next bars to the right of A, and hence only lows are processed there for searching extremums. High extremum should remain standing to the left of A only. As a result, if a higher high is located between the bar A and next low extremum, the high can not be marked as high extremum (because it's a section of downward edge). This behaviour is intentional and ensures stability of already formed edges. This is according to the 1-st algorithm. Please, find an explanation on one of the screenshots below.


Auto-adaptive retracement level is calculated by the formula:

Retracement = LastExtreme ± |LastEdge| / sqrt(N + 1),

where N is a number of bars between the last extreme and current bar. On the current bar N = 0, hence the retracement size is equal to 1, that is the total size of the last edge. On single bar distance the size is about 0.71, on 3 bars - 0.5, on 8 bars - 1/3 of the last edge price change.




Reviews 4
Corrado Bruni
392
Corrado Bruni 2023.02.13 19:04 
 

For the Gann Swing Chart finally an indicator done right, thank you.

If there was also the option for the top level on the bullish swing candle and bottom on the bearish swing candle, on a higher tf (selectable), it would be complete.

On the weekly and daily tf I have been using it for about 9 years.

Also having an alarm when the first candle closes above the level.

Aleksandr Tamonin
4109
Aleksandr Tamonin 2021.01.23 20:09 
 

Спасибо, очень хороший инструмент!

Calogero Vella
161
Calogero Vella 2024.03.28 08:13 
 

Nice indicator, many thanks for that. Unfortunately, the arrows are too close to the bars. You can hardly recognize them. But otherwise quite useful. Thank you

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Save time and make more accurate decisions with Anchored VWAPs If you want to test the power of this tool, you can download the free Anchored VWAPs indicator for MT5 . In addition to this indicator working independently, it is also an extension for the free Sweet VWAP version. This is because when you click in the free version, the VWAP you see at the mouse pointer will be anchored. And for better understanding, what will be anchored there is this indicator, with all its functionalities. This in
Support And Resistance Screener Breakthrough unique Solution With All Important levels analyzer and Markets Structures Feature Built Inside One Tool ! Our indicator has been developed by traders for traders and with one Indicator you will find all Imporant market levels with one click. LIMITED TIME OFFER : Support and Resistance Screener Indicator is available for only 50 $ and lifetime. ( Original price 125$ ) (offer extended) The available tools ( Features ) in our Indicator are :  1. HH-LL
Best Solution for any Newbie or Expert Trader! This indicator is a unique, high quality and affordable trading tool because we have incorporated a number of proprietary features and a secret formula. With only ONE chart it gives Alerts for all 28 currency pairs. Imagine how your trading will improve because you are able to pinpoint the exact trigger point of a new trend or scalping opportunity! Built on new underlying algorithms it makes it even easier to identify and confirm potential trades.
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This indicator shows price changes for the same days in the past. This is a predictor that finds bars for the same days in past N years, quarters, months, weeks, or days (N is 10 by default) and shows their relative price changes on the current chart. Number of displayed buffers and historical time series for comparison is limited to 10, but indicator can process more past periods if averaging mode is enabled (ShowAverage is true) - just specify required number in the LookBack parameter. Paramet
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Ever wondered why standard ADX is made unsigned and what if it would be kept signed? This indicator gives the answer, which allows you to trade more efficient. This indicator calculates ADX values using standard formulae, but excludes operation of taking the module of ADX values, which is forcedly added into ADX for some reason. In other words, the indicator preserves natural signs of ADX values, which makes it more consistent, easy to use, and gives signals earlier than standard ADX. Strictly s
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The indicator calculates running total of linear weighted returns. It transforms rates into integrated and difference-stationary time series with distinctive buy and sell zones. Buy zones are shown in blue, sell zones in red. Parameters: period - number of bars to use for linear weighted calculation; default value - 96; smoothing - period for EMA; default value - 5; mode - an integer value for choosing calculation mode: 0 - long term trading; 1 - medium term trading; 2 - short term trading; defa
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Stanislav Korotky
This indicator shows price changes for the same days in past years. D1 timeframe is required. This is a predictor indicator that finds D1 bars for the same days in past 8 years and shows their relative price changes on the current chart. Parameters: LookForward - number of days (bars) to show "future" price changes; default is 5; Offset - number of days (bars) to shift back in history; default is 0; ShowAverage - mode switch; true - show mean value for all 8 years and deviation bounds; false - s
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Stanislav Korotky
This indicator predicts rate changes based on the chart display principle. It uses the idea that the price fluctuations consist of "action" and "reaction" phases, and the "reaction" is comparable and similar to the "action", so mirroring can be used to predict it. The indicator has three parameters: predict - the number of bars for prediction (24 by default); depth - the number of past bars that will be used as mirror points; for all depth mirroring points an MA is calculated and drawn on the ch
If you like trading crosses (such as AUDJPY, CADJPY, EURCHF, and similar), you should take into account what happens with major currencies (especially, USD and EUR) against the work pair: for example, while trading AUDJPY, important levels from AUDUSD and USDJPY may have an implicit effect. This indicator allows you to view hidden levels, calculated from the major rates. It finds nearest extremums in major quotes for specified history depth, which most likely form resistence or support levels, a
EvoLevels
Stanislav Korotky
The indicator displays most prominent price levels and their changes in history. It dynamically detects regions where price movements form attractors and shows up to 8 of them. The attractors can serve as resistance or support levels and outer bounds for rates. Parameters: WindowSize - number of bars in the sliding window which is used for detection of attractors; default is 100; MaxBar - number of bars to process (for performance optimization); default is 1000; when the indicator is called from
This is an intraday indicator that uses conventional formulae for daily and weekly levels of pivot, resistance and support, but updates them dynamically bar by bar. It answers the question how pivot levels would behave if every bar were considered as the last bar of a day. At every point in time, it takes N latest bars into consideration, where N is either the number of bars in a day (round the clock, i.e. in 24h) or the number of bars in a week - for daily and weekly levels correspondingly. So,
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Calogero Vella
161
Calogero Vella 2024.03.28 08:13 
 

Nice indicator, many thanks for that. Unfortunately, the arrows are too close to the bars. You can hardly recognize them. But otherwise quite useful. Thank you

Stanislav Korotky
42655
Reply from developer Stanislav Korotky 2024.03.28 11:26
Please, provide a screenshot how it looks in your environment (and specify its parameters, such as screen size, DPI, and scale in Windows settings) and how you suggest to fix this. You can change the size of the arrows.
Corrado Bruni
392
Corrado Bruni 2023.02.13 19:04 
 

For the Gann Swing Chart finally an indicator done right, thank you.

If there was also the option for the top level on the bullish swing candle and bottom on the bearish swing candle, on a higher tf (selectable), it would be complete.

On the weekly and daily tf I have been using it for about 9 years.

Also having an alarm when the first candle closes above the level.

sancocorecords
24
sancocorecords 2022.12.13 15:32 
 

excelentes mejoras, a mi me gusta mucho el indicador, muchas gracias!!!!

Aleksandr Tamonin
4109
Aleksandr Tamonin 2021.01.23 20:09 
 

Спасибо, очень хороший инструмент!

Reply to review
Version 1.7 2020.09.24
- Check for symbol synchronization with server is added;
- For Gann swing mode one can specify number of bars with signal confirmations required to switch zigzag direction - just enter the number in RetracementPercent parameter (yes, it's multifunctional now and optionally can be used in 3 of 4 modes); 0 means existing behaviour (direction change upon single bar with lower low (if upward movement was in effect before this moment) or higher high (if downward movement was in effect)), 1 requires one additional bar, which meets the same requirement, 2 requires two, etc ("inside" and "outside" bars are not counted and simply skipped).
Version 1.6 2020.09.10
Minor improvements and fixes.
Version 1.5 2020.09.07
Minor bugfixes.
Version 1.4 2020.09.07
Parameter RetracementPercent is in effect now for the mode Close vs Close (Weis wave).
Version 1.3 2020.09.06
Publishing fix.
Version 1.2 2020.09.06
New mode of wave calculation is added, based on retracement size, specified in percent or by auto-adaptive self-adjusting algorithm.
Version 1.1 2020.09.06
New calculation mode is added, based on retracement size, specified in percent or by auto-adaptive self-adjusting algorithm.