This is a alternative version of the well known "ZigZag indicator" but it uses turning points of the Jurik ma
instead of the traditional "pivot points" that are by definition lagging by a large lookback period, the (almost-) Zero Lag ZigZag lags by about 2 bars on average (depending on the candles forming)
The ZigZag pattern can be used to draw trendlines and S/R...
THIS CODE IS BASED FROM THE MT4 ZIGZAG INDICATOR
THE ZIGZAG SETTINGS FOR THE MAIN ONE ON TRADINGVIEW DO NOT WORK THE SAME AS MT4
I HOPE U LOVE IT
I have had tons of experience on the ZIGZAG indicator and thought this might help someone.
Enjoy this code. Zigzag is a good indicator in many ways and people underestimate it because of its repainting
As requested a TEST script when possible future
Harmonic Patterns may occur, in this case the ABCD pattern.
When A, B, C are valid, the script will plot 2 lines between A-B and B-C, together with
2 white arrows,,where D MUST be in the future to become a valid ABCD pattern.
First of all, D MUST be a Pivot point, after which D must lay between D- and D+
ZigZag Based on price oscilation.
added pattern recognition, also added recognition of head and shoulders and contracting/expanding triangles to previous list of patterns :p
Use Alt Timeframe: enables optional timeframes, use higher timeframes to reduce noise.
Timeframe: said Alt Timeframe.
Show Patterns: toggles Pattern Recognition on.
Renko based zigzag:
mode: can be Traditional or ATR.
modeValue: can be whole number if you use ATR mode, or floating point number in case of Traditional mode.
showOverlay: displays basis Renko overlay.
It uses Elliott teory to shift two moving averages 8 positions (based on 5-3 fractal), and the crossing is close to reversions. And it keeps an eye on RSI level to be sure it is on hot level to sell/buy