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Auto Pitchfork, Fib Retracement and Zig Zag by DGTPitchfork is a technical indicator for a quick and easy way for traders to identify possible levels of support and resistance of an asset's price. It is presents and based on the idea that the market is geometric and cyclical in nature
Developed by Alan Andrews, so sometimes called Andrews’ Pitchfork
It is created by placing three points at the end of previous trends
Schiff and Modified Pitchfork is a technical analysis tool derived from Andrews' Pitchfork
In general, traders will purchase the asset when the price falls near the support of either the center trendline or the lowest trendline. Conversely, they'll sell the asset when it approaches the resistance of either the center line or the highest trendline.
█ Study OPTIONS
Auto Pitchfork , the main aim of the study
Pivots threshold can be customized by “Deviation” and “Depth” input options
Pitchfork Type selection, available options Andrews' Pitchfork (Original), Schiff and Modified Pitchfork
Ability to set ALERTs for the Pitchfork Levels
Ability to add customized levels (all level lines customizable)
Auto Fib Retracement – This is the build-in study of TradingView, slight changes applied to fit with Auto Pitchfork
Zig Zag – Derived from build-in Auto Fib Retracement with some customization options.
█ Usage Tips :
Andrews' Pitchfork (Original) best fit in a Strong Trending Market
Schiff and Modified Pitchfork better with Correcting or Sideways Market. Modified Pitchfork is almost identical to a Parallel Chanel
Disclaimer :
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
The script is for informational and educational purposes only. Use of the script does not constitute professional and/or financial advice. You alone have the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
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Donchian Zig-Zag [LuxAlgo]The following indicator returns a line bouncing of the extremities of a Donchian channel, with the aim of replicating a "zig-zag" indicator. The indicator can both be lagging or lagging depending on the settings user uses.
Various extended lines are displayed in order to see if the peaks and troughs made by the Donchian zig-zag can act as potential support/resistance lines.
User Settings
Length : Period of the Donchian channel indicator, higher values will return fewer changes of directions from the zig-zag line
Bounce Speed : Determine the speed of bounces made by the zig-zag line, with higher values making the zig-zag line converge faster toward the extremities of the Donchian channel.
Gradient : Determine whether to use a gradient to color the area between each Donchian channel extremities, "On" by default.
Transparency : Transparency of the area between each Donchian channel extremities.
Usage
It is clear that this is not a very common indicator to see, as such usages can be limited and very hypothetical. Nonetheless, when a bounce speed value of 1 is used, the zig-zag line will have the tendency to lag behind the price, and as such can provides crosses with the prices which can provide potential entries.
The advantage of this approach against most indicators relying on crosses with the price is that the linear nature of the indicator allows avoiding retracements, thus potentially holding a position for the entirety of the trend.
Altho this indicator would not necessarily be the most adapted to this kind of usage.
When using a bounce speed superior to 1, we can see the predictive aspects of the indicator:
We can link the peaks/troughs made by the zig-zag with the precedent ones made to get potential support and resistance lines, while such a method is not necessarily accurate it still allows for an additional to interpret the indicator.
Conclusions
We presented an indicator aiming to replicate the behaviour of a zig-zag indicator. While somehow experimental, it has the benefits of being innovative and might inspire users in one way or another. Indicador
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Divergence for Many Indicators v4Hello Traders,
Here is my new year gift for the community, Digergence for Many Indicators v4 . I tried to make it modular and readable as much as I can. Thanks to Pine Team for improving Pine Platform all the time!
How it works?
- On each candle it checks divergences between current and any of last 16 Pivot Points for the indicators.
- it search divergence on choisen indicators => RSI , MACD , MACD Histogram, Stochastic , CCI , Momentum, OBV, VWMACD, CMF and any External Indicator !
- it checks following divergences for 16 pivot points that is in last 100 bars for each Indicator.
--> Regular Positive Digergences
--> Regular Negative Digergences
--> Hidden Positive Digergences
--> Hidden Negative Digergences
- for positive divergences first it checks if closing price is higher than last closing price and indicator value is higher than perious value, then start searching divergence
- for negative divergences first it checks if closing price is lower than last closing price and indicator value is lower than perious value, then start searching divergence
Some Options:
Pivot Period: you set Pivot Period as you wish. you can see Pivot Points using "Show Pivot Points" option
Source for Pivot Points: you can use Close or High/Low as source
Divergence Type: you can choose Divergence type to be shown => "Regular", "Hidden", "Regular/Hidden"
Show Indicator Names: you have different options to show indicator names => "Full", "First Letter", "Don't Show"
Show Divergence Number: option to see number of indicators which has Divergence
Show Only Last Divergence : if you enable this option then it shows only last Positive and Negative Divergences
you can include any External Indicator to see if there is divergence
- enable "Check External Indicator"
- and then choose External indicator name in the list, "External Indicator"
- External indicator name is shown as Extrn
- related external indicator must be added before enabling this option
Coloring, line width and line style options for different type of divergences.
Following Alerts added:
- Positive Regular Divergence Detected
- Negative Regular Divergence Detected
- Positive Hidden Divergence Detected
- Negative Hidden Divergence Detected
Now lets see some examples:
Hidden Divergences:
Regular and Hidden Divergences together:
Showing first letters of indicators:
You can see only the number of indicators which has divergence:
You can see only divergence lines without indicators names and numbers:
option to used different label/line/text colors:
You have option to see only last divergences:
You can change Pivot Period, in following example Pivot Period = 15:
You can use Close or High/Low as Source for Divergence
You can include external indicators and get divergences on it:
Wish you all a happy new year!
Enjoy! Indicador
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Double Zig Zag with HHLLHello Traders,
Here Double Zig Zag with HHLL script is with you. it calculates 2 Zig Zag simultaneously and draws them, and also it calculates and puts Higher High, Lower Low, Higher Low, Lower High labels. All these are done dynamically, it means last HH/HL/LL/LH can change. if price continues to go up then HL can turn to LL or if price continues to go down then LH can turn to HH. This script can be used for different purposes such trend analysis, support/resistance levels, breakouts etc.
I tried to make many things optional:
You can set Periods for Zig Zags as you wish
You can set different colors for both Zig Zag Up/Down lines
You have option to show both Zig Zag, one of them or none them
You have option to show both HHLL, one of them or none them
You can set Zig Zag 1 line style as Dashed or Dotted
You can set Line Widths for Zig Zags
Some examples:
Enjoy! Indicador
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