ZigZag Chart with Supertrend

Hello All,

This script creates Zigzag Chart by using Zigzag waves, so it's timeless chart meaning that no time dependency on X-axis. Optionally it can calculate & show Zigzag Supertrend or Simple Moving Average. Also it can change bar colors of the main chart by trend direction of Zigzag Supertrend.

As seen below, each zigzag wave is a candle on Zigzag chart:

You have a few options and using these options you can find best settings for the securities/timeframes.
You can change Zigzag period, if you change Zigzag Period then all zigzag and the chart is recalculated/reconstructed.
You have option to show Zigzag Supertrend or Zigzag Moving Average, the options you have;
- You can change ATR Length and ATR multiplier for supertrend
- You can change Length for Simple Moving Average

You can change Zigzag candle & wick colors using options. Also you have option to change bar colors according to Zigzag Supertrend direction.

As it's timeless chart, below you can see how/when bar colors and Zigzag Supertrend change:

You can see Simple Moving Average of the Zigzag Candles:

You can play with ATR length and multiplier to find best supertrend:

You can play with the candle & wick colors:

Enjoy!

릴리즈 노트

updated

오픈 소스 스크립트

In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.

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