*Zig Zag Price, % Change w/RSI*

14 cze 2023

With immense help from ©SimpleCryptoLife who reimagined this script for me, and to ©mmoiwgg and ©ocaptain who's ideas led to this updated version 5.

This indicator is fairly straight-forward and visually appealing because you get a running zig zag price, price % change with an added bonus - RSI. However you won't find zig zag lines but the script reacts the same by changing the inputs. The higher the value the less data points you'll see on the screen.

The main objective of this indicator is to be able to spot high and low prices easily with the price % change between the same 2 data sets. Additionally and arguably more importantly, with the RSI values associated with the high and low prices, you can spot divergences easily - meaning the price is making a higher high while conversely the RSI value at the next pop (around the same price as previous high) is lower which can mean that momentum has exhausted for the time being and a reversal could be imminent.

This script is meant only as a tool to try to enrich your trading journey and I hope it helps you become a more consistent and profitable trader. If you find it invaluable drop a like and comment. Good luck!