Multi-Timeframe Recursive Zigzag [Trendoscope®]

🎲 Welcome to the Advanced World of Zigzag Analysis

Embark on a journey through the most comprehensive and feature-rich Zigzag implementation you’ll ever encounter. Our Multi-Timeframe Recursive Zigzag Indicator is not just another tool; it's a groundbreaking advancement in technical analysis.

🎯 Key Features
  1. Multi Time-Frame Support - One of the rare open-source Zigzag indicators with robust multi-timeframe capabilities, this feature sets our tool apart, enabling a broader and more dynamic market analysis.
  2. Innovative Recursive Zigzag Algorithm - At its core is our unique Recursive Zigzag Algorithm, a pioneering development that powers multiple Zigzag levels, offering an intricate view of market movements. This proprietary algorithm is the backbone of our advanced pattern recognition indicators.
  3. Sub-Waves and Micro-Waves Analysis - Dive deeper into market trends with our Sub-Waves and Micro-Waves feature. Sub-Waves reveal the interconnectedness of various Zigzag levels, while Micro-Waves offer insight into the fundamental waves at the base level.
  4. Enhanced Indicator Tracking - Integrate and track your custom indicators or oscillators with the zigzag, capturing their values at each Zigzag level, complete with retracement ratios. This offers a comprehensive view of market dynamics.
  5. Curved Zigzag Visualization - Experience a new way of visualizing market movements with our Curved Zigzag Display, employing Pine Script’s polyline feature for a more intuitive and visually appealing representation.
  6. Built-in Customizable Alerts - Stay ahead with built-in alerts that can be customized via user input settings.

🎯 Practical Applications
Our Zigzag Indicator is designed with an understanding of its inherent nature - the last unconfirmed pivot that consistently repaints. This characteristic, while by design, directs its usage more towards pattern recognition rather than direct identification of market tops and bottoms. Here's how you can leverage the Zigzag Indicator:

  1. Harmonic Patterns - Ideal for those familiar with harmonic patterns, this tool simplifies the manual spotting of complex XABCD, ABC, and ABCD patterns on charts.
  2. Chart Patterns - Effortlessly identify patterns like Double/Triple Taps, Head and Shoulders, Inverse Head and Shoulders, and Cup and Handle patterns with enhanced clarity. Navigate through challenging patterns such as Triangles, Wedges, Flags, and Price Channels, where the Zigzag Indicator adds a layer of precision to your breakout strategy.
  3. Elliott Wave Components - The indicator's detailed pivot highlighting aids in identifying key Elliott Wave components, enhancing your wave analysis and decision-making process.

🎲 Deep Dive into Indicator Features

Join us as we explore the intricate features of our indicator in more detail.

🎯 Multi-Timeframe Capability
Our indicator comes equipped with an input option for selecting the desired resolution. This unique feature allows users to view higher timeframe Zigzag patterns directly on their lower timeframe charts.

🎯 Recursive Multi Level Zigzag
Our advanced recursive approach creates multi-level Zigzags from lower-level data. For instance, the level 0 Zigzag forms the base, calculated from specified length and depth parameters, while level 1 Zigzag is derived using level 0 as its foundation, and so forth.

The indicator not only displays multiple Zigzag levels but also offers settings to emphasize specific levels for more detailed analysis.

🎯 Sub-Components and Micro-Components of Zigzag Wave
Sub-components within a Zigzag wave consist of the previous level's Zigzag pivots. Meanwhile, the micro-components are composed of the base level (Level 0) Zigzag pivots encapsulated within the wave.

🎯 Curved Zigzag
Experience a new perspective with our curved Zigzag display. This innovative feature utilizes the polyline curved option to automatically generate sinusoidal waves based on multiple points.

🎯 Indicator Tracking
Default indicators such as RSI, MFI, and OBV are included, alongside the ability to track one external indicator at each Zigzag pivot.

🎯 Customizable Alerts
Our indicator employs the `alert()` function for alert creation. While this means the absence of a customization text box in the alert settings, we've included a custom text area for users to create their own alert templates.

Template placeholders include:

{alertType} - type of alert. Either Confirmed Pivot Update or Last Pivot Update. Depends on the alert type selected in the inputs.

  • When Last Pivot Update type is selected, the alerts are triggered whenever there is a new Zigzag Pivot. This may also be a repaint of last unconfirmed pivot.
  • When Confirmed Pivot Update type is selected, the alerts are triggered only when a pivot becomes a confirmed pivot.

{level} - Zigzag level on which the alert is triggered.

{pivot} - Details of the last pivot or confirmed pivot including price, ratio, indicator values and ratios, subcomponent and micro-component pivots.

🎲 User Settings Overview

🎯 Zigzag and Generic Settings

This involves some generic zigzag calculation settings such as length, depth, and timeframe. And few display options such as theme, Highlight Level and Curved Zigzag. By default, zigzag calculation is done based on the latest real time bar. An option is provided to disable this and use only confirmed bars for the calculation.

Indicator Settings
Allows users to track one or more oscillators or volume indicators. Option to add any indicator via external input is provided.

🎯 Alert Settings
Has input fields required to select and customize alerts.

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