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OPEN-SOURCE SCRIPT
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Average Zigzag Range (AZR)

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Here is an attempt calculate Average Zigzag Range (AZR). This can be used similar to ATR. Using AZR instead of ATR for trailing stop calculation may yield better outcome in trend trading.

Logic is simple.
  • Calculate zigzag based on ZigzagLength
  • Calculate distance between each zigzag pivots
  • Calculate simple moving average of last MALength pivots
  • Use DoubleMA option to further smooth AZR using a Secondary Moving Average
Release Notes
Added option to print separate AZR for Zigzag Highs and Lows

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

For quick access on a chart, add this script to your favorites — learn more here.

Trendoscope
Wizard
Trial - trendoscope.io/trial
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io
Also on:
Average True Range (ATR)averagezigzagrangeAZRMoving AveragesPivot PointsZigzag

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Average True Range (ATR)averagezigzagrangeAZRMoving AveragesPivot PointsZigzag

Open-source script

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

For quick access on a chart, add this script to your favorites — learn more here.

Trendoscope
Wizard
Trial - trendoscope.io/trial
Subscribe - trendoscope.io/pricing
Blog - docs.trendoscope.io
Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.