This is a alternative version of the well known "ZigZag indicator" but it uses turning points of the Jurik ma instead of the traditional "pivot points" that are by definition lagging by a large lookback period, the (almost-) Zero Lag ZigZag lags by about 2 bars on average (depending on the candles forming)
The ZigZag pattern can be used to draw trendlines and S/R lines It can also be used for "wave counting" in a way that reduces interpretation.
If you find other uses, please leave your ideas in the comments!
Shoutout to Everget for the awesome Jurik code!!
JD.
#NotTradingAdvice #DYOR
릴리즈 노트
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Code cleanup.
릴리즈 노트
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update to v4.
릴리즈 노트
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- Added alerts, due to popular request! IMPORTANT NOTE: if alerts ettings are adjusted ALL ALERTS MUST BE RESET manually, the running alerts don't update automatically!!!
@Duyck, HI there sir. I really admire and appreciate your work. But bro does this indicator really NOT REPAINT or does it repaint. The reason why I am asking this because I would like to use it on a live account. Please, sir, let me know. Have a nice day man. Thanks for the help.
Duyck
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@sheikhy2003, not it doesn't, because it uses only realtime data, as soon as a turning point is detected it plots it in the chart and doens't alter it.
you can easily check this by running the script on a short timeframe (like 5 sec) or by using the bar replay function.
then you will see that once a candle is closed after a turning point, it stays there.
To be sure not to get an alert during the forming of a bar, make sure to select "alert.freq_once_per_bar_close"
otherwise it's possible an alert fires during the forming of the bar that then may change in the rest of the time frame.
In short, if you WAIT UNTIL THE CANDLE CLOSES, the signal from the previous candle stays the same!!!
General remarks:
- Please make sure to thoroughly test everything you use before using it for live trading
- Never trade based on the signals of only 1 indicator
- the author of an indicator can never be held responsible for any losses occurring during the usage for live trading
- I'm not a financial advisor, so the info provided by this (and other) indicators can only be seen as study material, alwyas do your own research!
Gr, JD.
JBhebZ
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Just used this script for a few days now and I would say it's great! Almost no lag and not the typical zigzag indicator that is lagging. The option to choose the preferred timeframe for me is good. Could be better if there would be an auto-fib retracement plotted along with labels for highs and lows but all in all great work!
This is a wizardry script! I have not seen a zigzag script that's this effective, your script just made me to fall in love with zigzag again. Please, keep updating this script, it's very much effective. Thanks for sharing.