But, effort has been made to add some additional infomation and tools into this script.
Similar to the previous script, upto 4 zigzag lengths can be selected from input. Users can also set, color, line style and width for each Zigzag lines. Error threshold defines how much vairation from fib ratios are allowed before recognizing patterns. EntryPercent is minimal bounce off required from Wave 2 to get into the trade. This will also determine initial Stoploss.
Now lets have look at fun features.
In Trade Stats Table By default, you can find this in bottom right corner of the screen. This table shows details of trades which are running at the moment based on different patterns formed. Trade will be running till it hits target 4 or trailing stop loss. Multiple zigzags can generate multiple trades at a time, stats containing Wave Points 0 to 3 and other information will be printed in the table.
Closed Trades Stats Table This is by default found in bottom left corner of the screen. This table consists of stats related to all the closed trades. It shows how many trades are generated, how many failed to hit Entry point, how many hit Entry and then reversed to hit stoploss. How many entered trades hit different stop levels etc.
Unique Coordinates: Sometimes different zigzags produce same waves - Point (1) (2) abd (3). Enabling unique coordinates will filter these and generate only one trade altogether.
AtrLength and AtrMult are used for calculation of trailing stop loss. Trailing stop loss activation can be controlled by the parameter TrailingStart - which lets you select upon reaching what state the trailing stop needs to be activated. Even if trailing stop is not activated, stops will still trail by two levels. For example, when price hits Target 3, stoploss is automatically moved to Target 1 which is below two levels.
In the chart, the remaining Target levels and Current stop levels are highlighted with bigger font and solid lines whereas the inactive ones will have dotted lines and smaller font. For example, Entry label and line will show up in bigger font till price crosses entry. Once this is done, Entry point is not significant anymore. Hence, they are diminished. Similarly target levels will diminish as and when they are reached.
Last parameter is Direction - this lets you select what direction you want to generate the signals. By default it is set to all. But, users can select only bullish or bearish signals.
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Updated font color for closed trade stats
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Removed redundant input parameters such as zigzag line style and width as it will not add much value
trailingStart and trailingStartState parameters are prefixed with w3 to make it specific. This is done with plans of future enhancements of adding Wave 4, 5 and beyond.
All showStats parameters are combined into one showW3Stats (Stands for Wave 3 Stats) - with multiple options - Open, Close, Open/Close and None
Lines are shown only for the present running wave patterns. This is again done to reduce the number of lines on the chart to make it more efficient and faster.
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Fixed zigzag error
Updated color combination to fit dark theme. Added option textcolor which can be set to black for those using light theme
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Further updates on calculation of zigzag
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Fixed issue with overlapping labels and lines.
Updated target ratios W3 to 1.618, 2, 2.618 and 4.23 of Wave 1