Zigzag indicator

The indicator works with two time periods, has a visual display of waves directly on the working chart and displays horizontal wave levels.

The ZigZag indicator connects significant tops and bottoms on the price chart with visible sloping lines that make it easier to perceive the wave movement and divides the waves into ranges by levels. Extremums are calculated by High \ Low prices or by Closing prices.

Wave levels are projected onto the next wave, which allows you to get support / resistance levels. Levels are calculated using the Fibonacci algorithm or use a linear relationship. The levels of the time period that has become, usually have a higher priority. Each level has a tooltip containing the necessary information about the level.

A feature of the ZigZag indicators is that a change in the price of an asset can cause a change in the previous value, which should be taken into account when making trading decisions only on the basis of such levels. However, such levels make it possible to make a judgment about the possible direction of movement of quotes and price values, where it is possible to change direction or slow down the movement.

The indicator algorithm is adapted to work at the current moment and is not intended for the analysis of historical data.

Input parameters

• High period for plotting - high period for plotting levels
• Waves plotting mode - level plotting mode ( Close or HighLow )
• Levels plotting mode - level plotting mode ( Fibo or Line )
• Backstep - number of bars to calculate
• Style of Current period lines - style of current period levels
• Style of High period lines - style of high period levels
• Color of Up-Direction wave - color of levels with up direction
• Color of Down-Direction wave - color of levels with downward direction