Zig Zag Pips

23 Mar 2020

How does this zigzag indicator work? First of all, I would like to clarify that the original code is belong to TradingView. I only edit and add my personal touch to suit my style of trading.

1. This indicator is best use for Forex due to the calculation of pips.
2. Unfortunately, this indicator is not suitable to use in any Japanese pair due to the nature of the currency. " Japanese yen only has 2 decimals"
3. I change the input of "deviation" into "pips" so it will be much easier for me to calculate the distance between high and low.
4. U can change the source of price, let say, u prefer the indicator to draw at close price for both high and low, u can simply change the setting.

The purpose of this indicator is to draw high and low of the price. Thank you.

25 Mar 2020

Sürüm Notları

An alternate ZigZag indicator of a preset indicator. I just change the calculation of from percentage to pips value
Mar 25
Release Notes: Update version of zigzag in pips instead of the percentage. The original code belongs to TradingView and I only add a few lines of code to suit my style of trading. The setting of a decimal is for the calculation of pips in the instrument u are trading. Let's say if u are trading USDJPY, change the decimal to 1, and if u are trading EURUSD, change the setting to 100.

The logic behind this setting is, EURUSD has 5 decimal places (example = 1.43542).
1. 0.43 is sen
2. 0.0054 is the pip
3. 0.00002 is the tick.
Therefore we use 100

In the case of the Japanese pair (example = 111.161).
1. 0.161 is the pips so we set it to 1

I hope my explanation is understandable. Cheers