This new version draw only High/Low points of the fractals zigzag on chart. It draws major points (green and red squares) which are calculated with a lookback of 20 periods by default ("cp" parameter can be changed at will).
The minor points (green and red dots) are calculated the same way but with the default period divided by 2 (so 20/2=10 periods by default).
This indicator can be used to trade 123 pattern of any other kind of breakout strategies.
//---external parameters //cp = 20 once lastpoint = 0 ATR = averagetruerange[cp] //---major zigzag points if high[cp] >= highest[2*cp+1](high) then LH = 1 else LH = 0 endif if low[cp] <= lowest[2*cp+1](low) then LL = -1 else LL = 0 endif if LH = 1 then TOPy = high[cp] TOPx = barindex[cp] endif if LL = -1 then BOTy = low[cp] BOTx = barindex[cp] endif if LH>0 and (lastpoint=-1 or lastpoint=0) then DRAWTEXT("░",TOPx,TOPy+ATR/2,Dialog,Bold,20) coloured(200,0,0,255) lastpoint = 1 endif if LL<0 and (lastpoint=1 or lastpoint=0) then DRAWTEXT("░",BOTx,BOTy-ATR/2,Dialog,Bold,20) coloured(0,200,0,255) lastpoint = -1 endif //---mino zigzag points if high[round(cp/2)] >= highest[cp+1](high) then LLH = 1 else LLH = 0 endif if low[round(cp/2)] <= lowest[cp+1](low) then LLL = -1 else LLL = 0 endif if LLH = 1 then LTOPy = high[round(cp/2)] LTOPx = barindex[round(cp/2)] endif if LLL = -1 then LBOTy = low[round(cp/2)] LBOTx = barindex[round(cp/2)] endif if LLH>0 then DRAWTEXT("º",LTOPx,LTOPy+ATR/2,Dialog,Bold,20) coloured(200,0,0,255) endif if LLL<0 then DRAWTEXT("º",LBOTx,LBOTy-ATR/2,Dialog,Bold,20) coloured(0,200,0,255) endif RETURN
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