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.
🎲 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.
Versionshinweise
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Minor method related updates
Versionshinweise
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Updated libraries and colour scheme. Inactive zigzags will be drawn with more transparent colour.
@adolgov, thanks very much Andrey. Glad to receive appreciation from you 🥰
Moda-877
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Could you add alerts? Thanks
Yawosei7
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Man awesome indicator!! Thank you so much for this. I was wondering if you could please add alerts that would be a blessing Thank you
Trendoscope
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@Yawosei7, Last pivot will keep moving. So, alerts may generate too many alerts. It is more of visual indicator. Hence, haven't added alerts.
Yawosei7
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@HeWhoMustNotBeNamed, oh ok well that’s find honestly I don’t have a problem with multiple alerts. I’d like to try it with different indicators so for the people like me self that won’t mind multiple alerts could you write somewhere in the description how to add alert to the script please . Thank you so much