OPEN-SOURCE SCRIPT
Indicator 10
Updated
**Indicator 10** is a sophisticated technical analysis tool designed for use on trading platforms that support Pine Script (version 5). This indicator is primarily focused on analyzing price movements over different timeframes, incorporating elements of ZigZag analysis, Fibonacci levels, and historical price range calculations. Below is a detailed description of its features and functionalities:
#### Key Features:
1. **Input Variables:**
- **Year_calc:** Specifies the number of years to consider for historical price range calculations.
- **Size_fibo:** Defines the size of the Fibonacci levels in points.
- **Dig:** Represents the minimum tick size for the instrument being analyzed.
- **ZigZag Parameters:**
- **Period (zigzag_len):** The length of the ZigZag indicator.
- **Depth (zigzag_depth):** The depth percentage for the ZigZag indicator.
- **Display Count (zigzag_hist):** The number of ZigZag points to display.
- **Font Size (font_size):** The size of the font used for labels.
2. **Historical Price Range Calculation:**
- The indicator calculates the average weekly and monthly price ranges over the specified number of years (`Year_calc`).
- These ranges are used to adjust the Fibonacci levels dynamically based on historical volatility.
3. **ZigZag Analysis:**
- The indicator employs a custom ZigZag function to identify significant price swings on different timeframes (H4, D1, W1).
- The ZigZag points are stored in arrays, allowing for the visualization of recent price swings.
4. **Fibonacci Adjustment:**
- The Fibonacci levels are adjusted based on the historical price ranges (`W1_Val`, `MN1_Val`, `D1_Val`).
- These adjusted levels are used to draw support and resistance lines on the chart.
5. **Visualization:**
- The indicator draws lines and labels on the chart to represent the ZigZag points and adjusted Fibonacci levels.
- Different colors are used to distinguish between upward and downward trends.
6. **Dynamic Updates:**
- The indicator continuously updates the ZigZag points and Fibonacci levels as new price data becomes available.
- It ensures that only the most recent ZigZag points are displayed, maintaining a clean and relevant chart.
#### How It Works:
1. **Initialization:**
- The indicator initializes variables for storing historical price ranges and ZigZag points.
- It sets the start date for historical calculations based on the current year minus the specified number of years (`Year_calc`).
2. **Historical Data Retrieval:**
- The indicator retrieves weekly and monthly high and low prices for the specified period.
- It calculates the total price range and the average range for each timeframe.
3. **ZigZag Calculation:**
- The custom ZigZag function identifies local highs and lows based on the specified period and depth.
- These points are stored in arrays for later visualization.
4. **Fibonacci Adjustment:**
- The Fibonacci levels are adjusted based on the historical price ranges and the specified Fibonacci size.
- These adjusted levels are used to draw lines on the chart.
5. **Visualization:**
- The indicator draws lines connecting ZigZag points and labels indicating the direction of the trend.
- It ensures that only the most recent ZigZag points are displayed, maintaining a clean and relevant chart.
6. **Continuous Updates:**
- The indicator continuously updates the ZigZag points and Fibonacci levels as new price data becomes available.
- It ensures that only the most recent ZigZag points are displayed, maintaining a clean and relevant chart.
#### Conclusion:
**Indicator 10** is a powerful tool for traders who rely on historical price analysis, ZigZag patterns, and Fibonacci levels to make trading decisions. Its dynamic and adaptive nature ensures that the chart remains relevant and useful, providing traders with a clear view of recent price movements and potential support/resistance levels.
#### Key Features:
1. **Input Variables:**
- **Year_calc:** Specifies the number of years to consider for historical price range calculations.
- **Size_fibo:** Defines the size of the Fibonacci levels in points.
- **Dig:** Represents the minimum tick size for the instrument being analyzed.
- **ZigZag Parameters:**
- **Period (zigzag_len):** The length of the ZigZag indicator.
- **Depth (zigzag_depth):** The depth percentage for the ZigZag indicator.
- **Display Count (zigzag_hist):** The number of ZigZag points to display.
- **Font Size (font_size):** The size of the font used for labels.
2. **Historical Price Range Calculation:**
- The indicator calculates the average weekly and monthly price ranges over the specified number of years (`Year_calc`).
- These ranges are used to adjust the Fibonacci levels dynamically based on historical volatility.
3. **ZigZag Analysis:**
- The indicator employs a custom ZigZag function to identify significant price swings on different timeframes (H4, D1, W1).
- The ZigZag points are stored in arrays, allowing for the visualization of recent price swings.
4. **Fibonacci Adjustment:**
- The Fibonacci levels are adjusted based on the historical price ranges (`W1_Val`, `MN1_Val`, `D1_Val`).
- These adjusted levels are used to draw support and resistance lines on the chart.
5. **Visualization:**
- The indicator draws lines and labels on the chart to represent the ZigZag points and adjusted Fibonacci levels.
- Different colors are used to distinguish between upward and downward trends.
6. **Dynamic Updates:**
- The indicator continuously updates the ZigZag points and Fibonacci levels as new price data becomes available.
- It ensures that only the most recent ZigZag points are displayed, maintaining a clean and relevant chart.
#### How It Works:
1. **Initialization:**
- The indicator initializes variables for storing historical price ranges and ZigZag points.
- It sets the start date for historical calculations based on the current year minus the specified number of years (`Year_calc`).
2. **Historical Data Retrieval:**
- The indicator retrieves weekly and monthly high and low prices for the specified period.
- It calculates the total price range and the average range for each timeframe.
3. **ZigZag Calculation:**
- The custom ZigZag function identifies local highs and lows based on the specified period and depth.
- These points are stored in arrays for later visualization.
4. **Fibonacci Adjustment:**
- The Fibonacci levels are adjusted based on the historical price ranges and the specified Fibonacci size.
- These adjusted levels are used to draw lines on the chart.
5. **Visualization:**
- The indicator draws lines connecting ZigZag points and labels indicating the direction of the trend.
- It ensures that only the most recent ZigZag points are displayed, maintaining a clean and relevant chart.
6. **Continuous Updates:**
- The indicator continuously updates the ZigZag points and Fibonacci levels as new price data becomes available.
- It ensures that only the most recent ZigZag points are displayed, maintaining a clean and relevant chart.
#### Conclusion:
**Indicator 10** is a powerful tool for traders who rely on historical price analysis, ZigZag patterns, and Fibonacci levels to make trading decisions. Its dynamic and adaptive nature ensures that the chart remains relevant and useful, providing traders with a clear view of recent price movements and potential support/resistance levels.
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Clear indicatorOpen-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.
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