ZigZag Colored

[Apprentice]

Unlike Standard Zig Zag indicator, Up Swings are green, Down Swings are red.

ZigZagColored.lua

(8.62 KiB) Downloaded 1346 times

The indicator was revised and updated

[yasirali1974]

Hi,
i was curious how does this indicator determines an end to an on going trend? Is it volume based or candles? Kindly explain if possible. Thanks in advance.
regards.

[Apprentice]

Zig Zag use both percentages or points (pips) in its construction.

There must be a certain percentage or number of points between a swing high and a swing low before a line will be drawn, in this case we use Deviation in pips.

ZigZag is a trend following indicator, filter out random noise, confirm the Change in trend.

It is price based.

[yasirali1974]

May i know when this platform be able to support the volume indicators as i believe that it would give the traders great confidence after seeing the big bulls/bears jump in. regards.

[poctimfx]

One interesting thing I could see for this ZigZag would be to have a measurement at the tip of each swing, showing total pips for that line. Could be useful ... doable?

[Apprentice]

Added to development cue.

[uglock]

I'm using the ZigZag colored and found a minor issue in the indicator. Sometimes it displays both green and red lines of the indicator. One of the lines is ok (compared with standard ZigZag) but second is wrong. Please see the attached screenshot and price data.

[Apprentice]

Update.
Bug Fixed.

[Hannes Joubert]

Hi All. Would like some feedback on this indi.

Does it repaint? Is there a two candle lag or similar before it updates the line?

Thanks

H

[Apprentice]

Swing Size Label Option Added.