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I have something to develop. It is a different type of Zigzag indicator.
Zigzag is a fantastic indicator, but with some faults. It repaints and lags a lot. What I have in mind is to use 2 moving averages to easily spot zigzag direction change. A fast-moving average and a slow-moving average.
When fast moving average crosses up the slow one, the indicator will place a support line in the lowest point between the crossing up and the last crossing down. If the inverse happens, the indicator will place a resistance line in the highest point between the crossing up and the crossing down - See Image below
I need alarms in the last five supports and the last five resistances. If prices touch/close one of these lines, I need an alarm on it.
Variables:
FAST MA (RED LINE) - INPUTS - Period, method (EMA/SMA...), Applied_price (High, Low, Open, Close)
SLOW MA (BLUE LINE) - INPUTS - Period, method (EMA/SMA), Applied_price (High, Low, Open, Close)
ALARM - email, on screen or Push
ALARM when - prices touch/candlestick closes
ZIG ZAG LINE - ON/OFF
IT IS IT
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