It calculates and plots zigzag lines based on volatility and price movements. It has various inputs for customization, allowing you to adjust parameters like source data, length, deviation, line styling, and labeling options.
The indicator identifies pivot points in the price movement, drawing lines between these pivots based on the deviation from certain price levels or volatility measures.
The script labels various data points at the ZigZag pivot points on the chart. These labels provide information about different aspects of the price movement and volume around these pivot points. Here's a breakdown of what gets labeled:
Price Change: Indicates the absolute and average percentage change between the two pivot points. It displays the absolute or relative change in price as a percentage. Additionally, the average absolute price increase or the average rate of increase can also be labeled. Volume: Shows the total volume and average volume between the two pivot points. Number of Bars: Indicates the number of bars between the current and the last pivot point. Reversal Price: Displays the price of the reversal point (the previous pivot).
it is not showing the last candle zig zag data.. all data before the last zig zag is being shown ..Can you make it to show last zig zag data ?
brettkind
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@sam_m400, Unfortunately, this is not possible in the current version of the indicator. But I will try to include this option in the next version.
Ariga
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Hello. I cannot use the program. I get the message as follows: "Pine cannot determine the referencing length of a series. Try using max_bars_back"
brettkind
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@Ariga, Hello! This error arises when the length of a time series in the Volatility ZigZag indicator isn't specified. Using max_bars_back to define the length of the reference series could resolve this issue. I'll fix this in the next version of the indicator. In the meantime, consider using a lower "length" or changing the timeframe as potential workarounds.
Ariga
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@brettkind, Thank you for your reply. I have cleared the check box for "Default Length", and it seems working. Awesome indicator! Thank you. I have another question. I see a horizontal line. I was wondering what it is for.
brettkind
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@Ariga, Actually, I forgot to remove or describe this horizontal line from the script. But the point of this line is when high/low touches or intersects this Level/H-Line, then a new fixed ZigZag Pivot ("⦿") appears.
JeffLIUIU
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how to extend the label to the last(est) bar so that it can show the information from the current bar to the last pivot point. It makes it useful for real time trading
brettkind
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@JeffLIUIU, Unfortunately, this is not possible in the current version of the indicator. But I will try to include this option in the next version.