OPEN-SOURCE SCRIPT

ZigZag (Using Line Array)

Updated

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

Release Notes

Added updates mentioned in the description.

Release Notes

Corrected HL and LH labels

Release Notes

Added ratios display.

Release Notes

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

Release Notes

Solved array index out of bounds issue

Release Notes

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.

Release Notes

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

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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