CHS ZigZag stands for Changeable Source ZigZag The original ZigZag indicator offered by TradingView doesn't have the ability to measure the tips and troughs based on closing prices (line chart), however, this indicator is capable of receiving an input from user that determines the price source used for further calculations. The default inputs of the original ZigZag indicator have been also changed in order to make it adapt to pivots formed on line chart but users can change arbitrarily.
Dear Mahdi, You are a genious. Thanks for sharing the code.
Mahdi_Fatemi1998
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@arashasadi72, Hi Arash, Thanks for your feedback ;)
arashasadi72
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Dear Mahdi, you are a genious. Thanks for sharing your code. One small issue, when the "Display Reversal Price Change" = "Percent", the "Extend to Last Bar" checked option no longer shows line on last bar.
Mahdi_Fatemi1998
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@arashasadi72, Hi Arash, Thanks for your feedback. I will check and fix this issue during next updates.
Hello. Is it possible to make the indicator in absolute values instead of percentages?
Mahdi_Fatemi1998
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@Nestrev, The indicator is available both in percentages and absolute values. You can see absolute values on top right of your chart.
jaa377
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would you recommend using the peaks/troughs as buy sell signals? I have a hard time telling whether or not there is danger of this repainting or if the printed zig zags are absolute...
Thanks so much - great indicator either way
Mahdi_Fatemi1998
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@jaa377, Hi there, the base of this indicator is Zig Zag indicator which is the tradingview default indicator and even 95% of the code is the same. In my opinion, yes ! repainting happens and these peaks and troughs are not reliable to be used as signals but you can use them to see what has happened more clearly and detect potential points for your trend lines and other drawings more accurately.
You are a genious. Thanks for sharing the code.