ZigZag base indicator

Calculation is done on High and Lows. A high point is identified, if the highest bar is the current bar.  A low point is identified, if the lowest bar is the current bar.

This can be base of any kind of zigzag based indicator.
All zigzag points and his values are stored to a set of arrays.
It will count LH Lower Highs and HL Higher Lows, if HH OR LL occured then LH or HL counter is 0.
It can be used for 1-2-3 pattern or any other pattern algos.
It will also save some ratio value ratio, rizeratio, Barratio.
–   Ratio : current move against lasmove 1 = 100% retracement 0.5 = 50% retracement
–   Barratio : current move bar length against lasmove bar length
–   Sizeration current move against last move of the same direction.

Paramters:

AllowDouble     = Allow New High or Low points at the same bar
AllowOverflow  = Force a new High or Low Point, if no new high or low point was found after cLength
CheckUpOrDownCandle = New high or low points are only allowed if Candle is up for highs or is down for lows

It return the last 4 zigzag point at the last barindex. Maybe usefull, when will use it for a breakout strategy. If you don’t want this, then replace the “return” line with a simple “return.

Code:

// ZigZag base indicator
// This can be base of any kind of zigzag based indicator
// all zigzag points and his values are stored to a set of arrays
// it will count LH Lower Highs and HL Higher Lows, if HH OR LL occured then LH or HL counter is 0
// this can be used for 1-2-3 pattern
// it will also save some ratio value ratio, rizeratio, Barratio
// ratio : current move against lasmove 1 =  100% retracement 0.5 = 50% retracement
// barratio : current move bar length against lasmove bar length
// sizeration current move against last move of the same direction.
// AllowDouble = Allow New High or Low points at the same bar
// AllowOverflow = Force a new High or Low Point, if no new high or low point was found after cLength
// CheckUpOrDownCandle = New high or low points are only allowed if Candle is up for highs or is down for lows
// It return the last 4 zigzag point at the last barindex.
DEFPARAM DrawOnLastBarOnly = true

// ----- settings -----
MaxBars = 1000
ShowLabel = 1
AllowDouble = 0 //Allow New High or Low points at the same bar
AllowOverflow = 1 //Force a new High or Low Point, if no new high or low point was found after cLength
CheckUpOrDownCandle = 0 //New high or low points are only allowed if Candle is up for highs or is down for lows
// --------------------

cLength = Max(1,cLength)
if IsLastBarUpdate THEN
// Reset Arrays
UNSET($pPrice1)
UNSET($pBar1)
UNSET($pDir1)
UNSET($pNumber1)
UNSET($pTrend1)
UNSET($pSizeRatio)
UNSET($pBarRatio)
UNSET($pRatio)
UNSET($pHighNumber1)
UNSET($pLowNumber1)

from = MIN(BarIndex ,MaxBars )
for i = from -1 DOWNTO  0 DO
//// NEW Code
candlepHighBar = highestBars[cLength] (High[i])
candlepLowBar  = lowestBars[cLength] (Low[i])
candlepHigh    = highest[cLength] (High[i])
candlepLow     = lowest[cLength] (Low[i])
if CheckUpOrDownCandle THEN
bCandleIsHigh    = Open[i] <= Close[i]
bCandleIsLow     = Open[i] >= Close[i]
ELSE
bCandleIsHigh    = 1
bCandleIsLow     = 1
ENDIF
pDir = 1
updateLastPivot = 0
newPivot = 0
doublePivot = 0
newBar = barindex[i]
distanceFromLastPivot = 0
//var counter = 0
//var lastCounterBar = 0
forceDoublePivot = 0
pIndex1 = LastSet($pBar1)
if(pIndex1 >= 0) THEN
lastpPrice  = $pPrice1[pIndex1]
lastpBar    = $pBar1[pIndex1]
lastpDir    = SGN($pDir1[pIndex1])
pDir        = SGN($pDir1[pIndex1])
distanceFromLastPivot = newBar - lastpBar
ENDIF
if(pIndex1 >= 1) THEN
llastPrice  = $pPrice1[pIndex1-1]
llastDir    = SGN($pDir1[pIndex1-1])
llastBar    = $pBar1[pIndex1-1]
forceDoublePivot = (pDir = 1 and candlepLowBar = 0 AND candlepLow < llastPrice AND bCandleIsLow) OR (pDir = -1 and candlepHighBar = 0 AND candlepHigh > llastPrice AND bCandleIsHigh)
if NOT AllowDouble then
forceDoublePivot = 0
ENDIF
ENDIF
if AllowOverflow THEN
overflow = distanceFromLastPivot >= clength
ELSE
overflow = 0
ENDIF
if ((pDir = 1 and candlepHighBar = 0 ) or (pDir = -1 and candlepLowBar = 0 )) and pIndex1 >1 THEN
if pDir = 1 THEN
val = candlepHigh
ELSE
val = candlepLow
ENDIF
removeOld = val * lastpDir >= lastpPrice * lastpDir
if(removeOld) THEN
updateLastPivot = 1
newPivot = 1
// Update Pivot ------------------------------------------------------------------------
dir = SGN(pDir)
newDir = dir
pivotratio = 1
pivotbarRatio = 1
pivotsizeRatio = 1
$pPrice1[pIndex1] = val
$pBar1[pIndex1] = newBar
$pDir1[pIndex1] = newDir
$pSizeRatio[pIndex1] = pivotsizeRatio
$pBarRatio[pIndex1]  = pivotbarRatio
$pRatio[pIndex1]     = pivotratio
$pHighNumber1[pIndex1] = 1
$pLowNumber1[pIndex1] = 1
// Check Dir AND Ratios
dir = SGN($pDir1[pIndex1])
if(pIndex1 >=1) then
lastValue = $pPrice1[pIndex1-1]
if(pIndex1 >=2) THEN
lval = $pPrice1[pIndex1]
llastValue = $pPrice1[pIndex1-2]
if newDir * lval > newDir * llastValue THEN
newDir = 2* newDir
if newDir > 0 then
$pHighNumber1[pIndex1] = 0
$pLowNumber1[pIndex1] = $pLowNumber1[pIndex1-1]
ELSE
$pHighNumber1[pIndex1] = $pHighNumber1[pIndex1-1]
$pLowNumber1[pIndex1] = 0
endif
ELSE
newDir = newDir
if newDir > 0 then
$pHighNumber1[pIndex1] = $pHighNumber1[pIndex1-2] + 1
$pLowNumber1[pIndex1] = $pLowNumber1[pIndex1-1]
ELSE
$pHighNumber1[pIndex1] = $pHighNumber1[pIndex1-1]
$pLowNumber1[pIndex1] = $pLowNumber1[pIndex1-2] + 1
ENDIF
ENDIF
pivotratio = round(abs(lastValue-lval)/abs(llastValue - lastValue), 3)
pivotbarRatio = round(abs($pBar1[pIndex1-1]- newBar)/abs($pBar1[pIndex1-2] - $pBar1[pIndex1-1]), 3)

if(pIndex1 >=3) then
lllastValue = $pPrice1[pIndex1-3]
pivotsizeRatio = round(abs(lastValue-lval)/abs(lllastValue - llastValue), 3)
endif
ENDIF
ENDIF
$pDir1[pIndex1]        = newDir
$pSizeRatio[pIndex1]   = pivotsizeRatio
$pBarRatio[pIndex1]    = pivotbarRatio
$pRatio[pIndex1]       = pivotratio

ENDIF
ENDIF
if ((pDir = 1 and candlepLowBar = 0 AND bCandleIsLow) or (pDir = -1 and candlepHighBar = 0 AND bCandleIsHigh)) and (newPivot = 0 or forceDoublePivot > 0) THEN
if pDir = 1 THEN
val = candlepLow
ELSE
val = candlepHigh
ENDIF
// NEW PIVOT -------------------------------------------------------------------------------
dir = SGN(pDir)
newDir = -1*dir
pivotratio = 1
pivotbarRatio = 1
pivotsizeRatio = 1
pIndex1 = pIndex1 + 1
$pPrice1[pIndex1] = val
$pBar1[pIndex1] = newBar
$pDir1[pIndex1] = newDir
$pSizeRatio[pIndex1] = pivotsizeRatio
$pBarRatio[pIndex1]  = pivotbarRatio
$pRatio[pIndex1]     = pivotratio
$pHighNumber1[pIndex1] = 1
$pLowNumber1[pIndex1] = 1
// Check Dir AND Ratios
dir = SGN($pDir1[pIndex1])
if(pIndex1 >=1) then
lastValue = $pPrice1[pIndex1-1]
if(pIndex1 >=2) THEN
lval = $pPrice1[pIndex1]
llastValue = $pPrice1[pIndex1-2]
if newDir * lval > newDir * llastValue THEN
newDir = 2* newDir
if newDir > 0 then
$pHighNumber1[pIndex1] = 0
$pLowNumber1[pIndex1] = $pLowNumber1[pIndex1-1]
ELSE
$pHighNumber1[pIndex1] = $pHighNumber1[pIndex1-1]
$pLowNumber1[pIndex1] = 0
endif
ELSE
newDir = newDir
if newDir > 0 then
$pHighNumber1[pIndex1] = $pHighNumber1[pIndex1-2] + 1
$pLowNumber1[pIndex1] = $pLowNumber1[pIndex1-1]
ELSE
$pHighNumber1[pIndex1] = $pHighNumber1[pIndex1-1]
$pLowNumber1[pIndex1] = $pLowNumber1[pIndex1-2] + 1
ENDIF
ENDIF
pivotratio = round(abs(lastValue-lval)/abs(llastValue - lastValue), 3)
pivotbarRatio = round(abs($pBar1[pIndex1-1]- newBar)/abs($pBar1[pIndex1-2] - $pBar1[pIndex1-1]), 3)

if(pIndex1 >=3) then
lllastValue = $pPrice1[pIndex1-3]
pivotsizeRatio = round(abs(lastValue-lval)/abs(lllastValue - llastValue), 3)
endif
ENDIF
ENDIF
$pDir1[pIndex1]      = newDir
$pSizeRatio[pIndex1] = pivotsizeRatio
$pBarRatio[pIndex1]  = pivotbarRatio
$pRatio[pIndex1]     = pivotratio

doublePivot = newPivot
newPivot = 1

ENDIF
if(overflow and newPivot = 0 ) THEN
if pDir = 1 THEN
ipivot    = candlepLow
ipivotbar = newBar-candlepLowBar
ELSE
ipivot    = candlepHigh
ipivotbar = newBar-candlepHighBar
ENDIF
// NEW PIVOT -------------------------------------------------------------------------
dir = SGN(pDir)
newDir = -1*dir
pivotratio = 1
pivotbarRatio = 1
pivotsizeRatio = 1
pIndex1 = pIndex1 + 1
$pPrice1[pIndex1] = ipivot
$pBar1[pIndex1] = ipivotbar
$pDir1[pIndex1] = newDir
$pSizeRatio[pIndex1] = pivotsizeRatio
$pBarRatio[pIndex1]  = pivotbarRatio
$pRatio[pIndex1]     = pivotratio
$pHighNumber1[pIndex1] = 1
$pLowNumber1[pIndex1] = 1
// Check Dir AND Ratios
dir = SGN($pDir1[pIndex1])
if(pIndex1 >=1) then
lastValue = $pPrice1[pIndex1-1]
if(pIndex1 >=2) THEN
lval = $pPrice1[pIndex1]
llastValue = $pPrice1[pIndex1-2]
if newDir * lval > newDir * llastValue THEN
newDir = 2* newDir
if newDir > 0 then
$pHighNumber1[pIndex1] = 0
$pLowNumber1[pIndex1] = $pLowNumber1[pIndex1-1]
ELSE
$pHighNumber1[pIndex1] = $pHighNumber1[pIndex1-1]
$pLowNumber1[pIndex1] = 0
endif
ELSE
newDir = newDir
if newDir > 0 then
$pHighNumber1[pIndex1] = $pHighNumber1[pIndex1-2] + 1
$pLowNumber1[pIndex1] = $pLowNumber1[pIndex1-1]
ELSE
$pHighNumber1[pIndex1] = $pHighNumber1[pIndex1-1]
$pLowNumber1[pIndex1] = $pLowNumber1[pIndex1-2] + 1
ENDIF
ENDIF
pivotratio = round(abs(lastValue-lval)/abs(llastValue - lastValue), 3)
pivotbarRatio = round(abs($pBar1[pIndex1-1]- $pBar1[pIndex1])/abs($pBar1[pIndex1-2] - $pBar1[pIndex1-1]), 3)

if(pIndex1 >=3) then
lllastValue = $pPrice1[pIndex1-3]
pivotsizeRatio = round(abs(lastValue-lval)/abs(lllastValue - llastValue), 3)
endif
ENDIF
ENDIF
$pDir1[pIndex1]      = newDir
$pSizeRatio[pIndex1] = pivotsizeRatio
$pBarRatio[pIndex1]  = pivotbarRatio
$pRatio[pIndex1]     = pivotratio
newPivot = 1
ENDIF
// New Point update point
if newPivot THEN
// WHAT TODO ?
if pIndex1 >= 3 then
myPrice = $pPrice1[pIndex1]
lmyPrice = $pPrice1[pIndex1-1]
llmyPrice = $pPrice1[pIndex1-2]
lllmyPrice = $pPrice1[pIndex1-3]
ENDIF
ENDIF
NEXT

// draw
for x = LastSet($pBar1) DOWNTO 1 DO
SizeRatio = $pSizeRatio[x]
BarRatio  = $pBarRatio[x]
Ratio     = $pRatio[x]
Hnumber   = $pHighNumber1[x]
Lnumber   = $pLowNumber1[x]
if ShowLabel THEN
if $pDir1[x] = 1 THEN
DRAWTEXT("LH: #Hnumber#\nR: #Ratio#\nBR: #BarRatio#\nSR: #SizeRatio#\n\n\n\n ", $pBar1[x], $pPrice1[x]) COLOURED("lime")
ELSIF $pDir1[x] = 2 THEN
DRAWTEXT("HH: #Hnumber#\nR: #Ratio#\nBR: #BarRatio#\nSR: #SizeRatio#\n\n\n\n ", $pBar1[x], $pPrice1[x]) COLOURED("lime")
ELSIF $pDir1[x] = -1 THEN
DRAWTEXT("\n\n\n\n HL: #Lnumber#\nR: #Ratio#\nBR: #BarRatio#\nSR: #SizeRatio#", $pBar1[x], $pPrice1[x]) COLOURED("red")
ELSIF $pDir1[x] = -2 THEN
DRAWTEXT("\n\n\n\n LL: #Lnumber#\nR: #Ratio#\nBR: #BarRatio#\nSR: #SizeRatio#", $pBar1[x], $pPrice1[x]) COLOURED("red")
ENDIF
ENDIF
if $pDir1[x] < 0 THEN
DRAWSEGMENT($pBar1[x-1] , $pPrice1[x-1] , $pBar1[x] , $pPrice1[x] ) COLOURED("red") STYLE (LINE,1 )
elsif $pDir1[x] > 0 THEN
DRAWSEGMENT($pBar1[x-1] , $pPrice1[x-1] , $pBar1[x] , $pPrice1[x] ) COLOURED("lime") STYLE (LINE,1 )
ELSE
DRAWSEGMENT($pBar1[x-1] , $pPrice1[x-1] , $pBar1[x] , $pPrice1[x] ) COLOURED("cyan") STYLE (LINE,1 )
ENDIF
NEXT
ENDIF

if myPrice > llmyPrice AND lmyPrice > lllmyPrice THEN
R=0
G=255
B=0
elsif myPrice > llmyPrice AND lmyPrice > lllmyPrice THEN
R=255
G=0
B=0
ELSE
R=0
G=35
B=125
ENDIF

// return last 4 zigzag points
RETURN myPrice STYLE (POINT ,5)COLOURED(R,G,B) , lmyPrice STYLE (POINT ,5)COLOURED(R,G,B), llmyPrice STYLE (POINT ,5)COLOURED(R,G,B) ,lllmyPrice STYLE (POINT ,5)COLOURED(R,G,B)
// return nothing
// RETURN