Recursive Zigzag [Trendoscope]

18. Feb. 2023

Here is an another outcome of Object Oriented Zigzag and Pattern Ecosystem of Libraries.

We already have another implementation of recursive zigzag which makes use of earlier library rzigzag. Here in this example, we make use of similar logic but leverage the new type and method based Zigzag system libraries to derive the indicator.

🎲 Design Overview

Similar to Recursive Auto Pitchfork, here too the indicator code is around 50 lines. Whereas most of the heavy lifting is done by the libraries.
https://www.tradingview.com/x/w1iXZ7TB/

🎲 Base Libraries
Base libraries are those which does not have any dependency. They form basic structures which are later used in other libraries. These libraries need to be crafted carefully so that minimal updates are done later on. Any updates on these libraries will impact all the dependent libraries and scripts.

🎯 Drawing

• DrawingTypes - Defines basic drawing types Point, Line, Label, Box, Linefill and related property types.
  
• DrawingMethods - All the methods or functionality surrounding Basic types are defined here.
  

🎲 Layer 1 Libraries
These are the libraries which has direct dependency on base libraries.
🎯 Zigzag

• ZigzagTypes - Types required for defining Zigzag and Divergence
  
• ZigzagMethods - Methods associated with Zigzag Type definitions.
  

🎲Indicator

Indicator draws zigzags based on given length. And then recursively derives next level zigzags based on previous levels. As per the utility, indicator is useful in several ways

• Visualising price structure based on zigzag pivots - which in turn can help visualise patterns.
  
• Ability to add any oscillator makes it easy to spot divergences with choice of indicators.
  
• Programmers can use the derived values to build complex algorithms such as automatic pattern recognition.
  

🎯 Settings

Settings are explained via tooltips. These are very much straight forward and directly related to zigzag, oscillators and divergence.

https://www.tradingview.com/x/HXBoDBAK/

7. März 2023

Versionshinweise

Minor method related updates

14. März 2023

Versionshinweise

Updated libraries and colour scheme. Inactive zigzags will be drawn with more transparent colour.

29. Apr. 2023

Versionshinweise

Updated library versions

22. Mai 2023

Versionshinweise

Updated libraries

16. Juni 2023

Versionshinweise

Minor library update

17. Juni 2023

Versionshinweise

Update - added alerts based on popular demand :)