OPEN-SOURCE SCRIPT

Zig-Zag Open Interest Footprint [Kioseff Trading]

Hello!

This script "Zig Zag Open Interest Footprint" calculates open interest x price values for zig zag trends!

Features
  • Open interest footprints anchored to zig zag trends
  • Summed OI x price level footprints
  • Total OI (for each category) for the entire trend shown
  • Standard POC lines, in addition to separated POC lines for each category of open interest x price possibility
  • Up to 9999 profile rows per zigzag trend
  • Stylistic options for profiles
  • Configurable zig zag - footprints generated for small to large trends


The zigzag indicator is configurable as normal; minor and major trend volume footprints are calculable. This indicator can be thought of as "Open Interest Footprint for Trends''.

Up to 9999 open interest levels (price levels) can be calculated for each profile, thanks to the new polyline feature, allowing for less aggregation / more precision of open interest at price.

Zig Zag OI Footprints

snapshot

The image above shows primary functionality!

Green = Higher OI + Higher Price
Yellow = Lower OI + Higher Price
Purple = Higher OI + Lower Price
Red = Lower OI + Lower Price

Profiles are generated for each trend identified by the zigzag indicator.

snapshot

The image above shows the indicator calculating open interest x price for specific price blocks on the footprint. Aggregate open interest for the identified trend is displayed over the profile!

Neon highlighted values correspond to the highest open interest change for the category. This is a configurable option :D

snapshot

The image above shows POC lines for each category of open interest x price!

Additionally, you can select to show a single POV for footprint - the single level the greatest amount of OI change occurred.

snapshot

The indicator is robust enough to calculate on "long zig zags" and "short zig zags"; curved profiles can also be used!

snapshot

The image above shows key levels, each OI footprint, and summed OI values for the current trend!

That's about it :D

This indicator is part of a series titled "Bull vs. Bear" - a suite of profile-like indicators I will be releasing over the coming days. Thanks for checking this out!

If you have any suggestions please feel free to share!

Open InterestopeninterestdeltaopeninterestflowopeninterestprofilevolumedeltaVolume ProfileZigzagZig Zag Indicatorzigzagopeninterestzigzagvolumeprofile

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

Want to use this script on a chart?


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