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ZigZag (Using Line Array)

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This is standard zigzag indicator. I just coded them using lines array feature of pine - so that it can be done in least number of lines of code.

Few possible improvements:

Use label array to mark HH, HL, LH and LL
Add standard deviation check

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Added updates mentioned in the description.

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Corrected HL and LH labels

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Added ratios display.

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Previously, using pivotHigh and pivotLow on every bar for last 10 periods caused some inconsistencies in plotting zigzag. Hence, switched to points based calculation. However, zigzags are still created via lines array
Fixed empty label issue

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Solved array index out of bounds issue

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Adding option to apply zigzag on different source such as RSI. This enables plotting zigzag and ratios on RSI - which can be used for finding divergence.

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Corrected minor logical error.
Removed DeviationThreshold as it was leading to wrong calculation

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Penafian

Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.

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Blog - docs.trendoscope.com

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