I would like to introduce you Structured zigzag support&resistance. It is based on the ZigZag semafor script made by DevLucem so shout out to him
The indicator is used to spot future multi-level Supports and Resistance zones. It is also useful to spot HL or LL or HH or LH zones
I's the same zigzag indicator as my other zigzag indicator with highlight on diagonal lines(highs and lows are automatically classified and also new types of diagonal lines that connects low or highs and extends to right are drawn )
It has two settings: Fist is to control horizontal lines and zigzag setting Second is to control diagonal lines
I hope you will enjoy it as I enjoyed to write it.
Lukas
Informacje o Wersji
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code clean up
Informacje o Wersji
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Added feature for displaying boxes instead of lines
Informacje o Wersji
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Updating some indicator properties and also changed boxes to highlight candle wicks:
Very good indicator, thanks for great job. can u add option alert when price hit/touch the supply/demand box and horizontal line.
PapaAlan
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Great Job on the coding, outstanding!
I do have one comment though (as usual).
Regarding support/resistance and supply/demand, there are m
lmatl
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@PapaAlan, Thanks for the coins, unfortunately your text is trimmed, write here the rest or send me the DM
PapaAlan
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@lmatl, I have no idea how that got trimmed. I'll try and remember what i said i mean it's been a few hours lol. Many of us manually draw zones for sup/demand etc. yours lines are typically at some of those points. Possible to have option of zones (ie. either boxes or fills) instead of lines for horiz lines? Zone would be from HH or LL etc. from top/btm of wicks to body of candles on that candle. You know your code best so thought I'd ask before attempting to tackle it myself. I've written one indicator thus far, MTF FVG indicator which uses boxes etc.
lmatl
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@PapaAlan, Good idea have included boxes as a option selection so now you can select if you prefer lines or boxes. Cheers
PapaAlan
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@lmatl, wow that was fast, will take a look this evening at the code. in looking at just the chart pic right now, I can see it's not quite what i was describing. I'm not complaing though lol. When i mentioned zones, on a HH pivot, the zone would be at H as y1 for a box and if bullish candle it'd be Close for btm of box/zone. for bearish candles like on LL pivot the zone y height would go from the red candle close down to low of candle. I can change the code, just wanted to clarify my original comment because right now the zones you put in go completely from hi to low of candle regardless of direction.
lmatl
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@PapaAlan, If I understood what you have described you want create box for candle wicks right? It's 1 minute change
PapaAlan
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@lmatl, yep, pretty much bullish candle = top wick box, bearish candle = bottom wick boxes. Widely used over the years. as levels.