This script "Zig Zag Open Interest Footprint" calculates open interest x price values for zig zag trends!
Features
Open interest footprints anchored to zig zag trends
Summed OI x price level footprints
Total OI (for each category) for the entire trend shown
Standard POC lines, in addition to separated POC lines for each category of open interest x price possibility
Up to 9999 profile rows per zigzag trend
Stylistic options for profiles
Configurable zig zag - footprints generated for small to large trends
The zigzag indicator is configurable as normal; minor and major trend volume footprints are calculable. This indicator can be thought of as "Open Interest Footprint for Trends''.
Up to 9999 open interest levels (price levels) can be calculated for each profile, thanks to the new polyline feature, allowing for less aggregation / more precision of open interest at price.
Zig Zag OI Footprints
The image above shows primary functionality!
Green = Higher OI + Higher Price Yellow = Lower OI + Higher Price Purple = Higher OI + Lower Price Red = Lower OI + Lower Price
Profiles are generated for each trend identified by the zigzag indicator.
The image above shows the indicator calculating open interest x price for specific price blocks on the footprint. Aggregate open interest for the identified trend is displayed over the profile!
Neon highlighted values correspond to the highest open interest change for the category. This is a configurable option :D
The image above shows POC lines for each category of open interest x price!
Additionally, you can select to show a single POV for footprint - the single level the greatest amount of OI change occurred.
The indicator is robust enough to calculate on "long zig zags" and "short zig zags"; curved profiles can also be used!
The image above shows key levels, each OI footprint, and summed OI values for the current trend!
That's about it :D
This indicator is part of a series titled "Bull vs. Bear" - a suite of profile-like indicators I will be releasing over the coming days. Thanks for checking this out!
If you have any suggestions please feel free to share!
@KioseffTrading amazing indicator. One question - the last, active set of profiles and values starts to print multiples when a new bar is printed. Would it be easy to delete the old copies so that the latest one stays updated without having to refresh the chart?
KioseffTrading
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@jlee462, Hey jlee! I though I fixed this issue; however, I guess I did not :D I guess the fix was only applied to the Zig-Zag Volume Profile indicator - I will get a fix for your request in shortly; thank you!!
@CryptoArch_, Thank you for the support CryptoArch_!
inter_good
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mastery piece! now you can see where people entered long or short aggressively which is great. a nice visual method to figure that out using the idea with zigzag!
KioseffTrading
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@inter_good, Hey inter_good! Thank you for the kind words :D
HalfShellTrader
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Looks like an interesting indicator. I bet if you did some videos on your Youtube explaining how you personally use it to gain an edge in your trading, you'd get a lot more people using it.
PiyasaYapici
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Sir, it would be perfect if we add an anchored option where we choose the start and end location ourselves. Can we do that?
Tkysl
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Which one you guys prefer Zig-Zag Volume Profile (Bull vs. Bear) [Kioseff Trading] or this ?