Zig Zag indicator

   Here's versions suitable for traders that prefer the labels Higher High & Lower Low.
Scan for Higher Lows also included.   Looking at AWC you can see it will find these.

ZigZag - Highs & Lows Indicator
[target=Price]
size := input("Zig zag size",5,0);
z := zigzag(Close,size,%);
ispeak := z>hist(z,1) and z>future(z,1);
istrough := z<hist(z,1) and z<future(z,1);
P1 := ValueWhen(1,ispeak,z);
P2 := ValueWhen(2,ispeak,z);
Higher := if(ispeak and P1 > P2,"Higher","Lower");
T1 := ValueWhen(1,istrough,z);
T2 := ValueWhen(2,istrough,z);
Lower := if(istrough and T1 > T2,"Higher","Lower");
[name=LowerPeak] 
ScanLowerPeak := if(ispeak and P1 < P2,1,0); 
[name=HigherPeak] 
ScanHigherPeak := if(ispeak and P1 > P2,1,0); 
[name=LowerTrough] 
ScanLowerTrough := if(istrough and T1 < T2,1,0); 
[name=HigherTrough] 
ScanHigherTrough := if(istrough and T1 > T2,1,0);
[linestyle=Solid; color=black]
z;
[color=Blue]
[linestyle=Text; textalign=Above,Center]
if(isPeak, Higher + " High at " + z, undefined);
High;
[linestyle=Text; textalign=Below,Center]
if(isTrough, Lower + " Low at " + z, undefined); 
Low;

..................................................................... 

ZigZag - Higher Low signal for scanning
[Description="ZigZag Higher Low Signal"]
size:=input("ZigZag percentage",5,1);
z := zigzag(Close,size,%);
istrough:= ref(Z,-1)<z AND ref(z,-2)>ref(Z,-1);
T1:=ValueWhen(1,istrough,z);
T2:=ValueWhen(2,istrough,z);
HigherLow:=istrough and T1 > T2;
[name=HigherLow]
HigherLow

Edited by maximo - 23 Apr 2011 at 2:50am

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maximo Members Profile Send Private Message Find Members Posts Add to Buddy List BullCharts Guru Joined: 02 Sep 2006 Location: Australia Posts: 232	Post Options Post Reply Quote maximo Report Post Quote Reply Posted: 22 Apr 2011 at 7:07pm
	Here's versions suitable for traders that prefer the labels Higher High & Lower Low. Scan for Higher Lows also included. Looking at AWC you can see it will find these. ZigZag - Highs & Lows Indicator [target=Price] size := input("Zig zag size",5,0); z := zigzag(Close,size,%); ispeak := z>hist(z,1) and z>future(z,1); istrough := z<hist(z,1) and z<future(z,1); P1 := ValueWhen(1,ispeak,z); P2 := ValueWhen(2,ispeak,z); Higher := if(ispeak and P1 > P2,"Higher","Lower"); T1 := ValueWhen(1,istrough,z); T2 := ValueWhen(2,istrough,z); Lower := if(istrough and T1 > T2,"Higher","Lower"); [name=LowerPeak] ScanLowerPeak := if(ispeak and P1 < P2,1,0); [name=HigherPeak] ScanHigherPeak := if(ispeak and P1 > P2,1,0); [name=LowerTrough] ScanLowerTrough := if(istrough and T1 < T2,1,0); [name=HigherTrough] ScanHigherTrough := if(istrough and T1 > T2,1,0); [linestyle=Solid; color=black] z; [color=Blue] [linestyle=Text; textalign=Above,Center] if(isPeak, Higher + " High at " + z, undefined); High; [linestyle=Text; textalign=Below,Center] if(isTrough, Lower + " Low at " + z, undefined); Low; ..................................................................... ZigZag - Higher Low signal for scanning [Description="ZigZag Higher Low Signal"] size:=input("ZigZag percentage",5,1); z := zigzag(Close,size,%); istrough:= ref(Z,-1)<z AND ref(z,-2)>ref(Z,-1); T1:=ValueWhen(1,istrough,z); T2:=ValueWhen(2,istrough,z); HigherLow:=istrough and T1 > T2; [name=HigherLow] HigherLow Edited by maximo - 23 Apr 2011 at 2:50am