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ZigZag is NOT ZigZag!
https://www.stevehopwoodforex.com/phpBB3/viewtopic.php?t=1313		 Page 6 of 8
Author:  Big Be [ Tue Aug 12, 2014 6:00 pm ]
Post subject:  Latest Channels Version
Hello!
I can only make this indicator better if you tell me what it does wrong and right for you. Although I have good ideas, I don't know if they are what you need.
Author:  bourgenot [ Tue Aug 12, 2014 7:04 pm ]
Post subject:  ZigZag is NOT ZigZag!
.MERCI!
Author:  fxozgirl [ Tue Aug 12, 2014 8:49 pm ]
Post subject:  ZigZag is NOT ZigZag!
Thanks Big Be...I have been following along & looking forward to giving this indicator a try!

:yahoo:
Author:  Big Be [ Wed Aug 13, 2014 8:51 pm ]
Post subject:  Different Version of ZigZag Channel
This has the same types of lines but puts them up sooner.
Is it better or ?
Author:  MKFXTrader [ Thu Aug 14, 2014 8:02 am ]
Post subject:  Different Version of ZigZag Channel
Big Be » Wed Aug 13, 2014 9:51 pm wrote:This has the same types of lines but puts them up sooner.
Is it better or ?
Great work BigBe. This latest channel indi is much better. Only problem I'm having is that it doesn't alert for some reason. Are you having the same issue?

Also what constitute a red TL or blue TL being drawn? Right now it either shows up both blue or both red on the same chart. It would be more visually appealing if one can have blue TL for the upper and red for lower TL. Hope that makes sense. Very minor so if it's too much of a problem, don't worry about it. From what I can see, it looks like the horizontal TL always shows up the same color as the diagonal TL.

Other then those two minor adjustments, I say you did a really splendid job coding this. It's much faster and seems to be drawing proper TL's as I have described should be.

Thanks BigBe
Author:  Big Be [ Thu Aug 14, 2014 6:34 pm ]
Post subject:  Different Version of ZigZag Channel
Thank you MKFXTrader.

Re Colors: Red is usually used to indicate go Short and Blue or Green for go Long. You can easily reverse that in the Inputs if you wish, and save in a template. You had said that the horizontal line was for a continuation of the same trend after a pullback so the color is the same.

Re Alerts: until we have the indicator just right I am not worrying about such. If you tell me exactly when you think an alert should happen I can look at the code. But see my next post.
Author:  Big Be [ Thu Aug 14, 2014 7:04 pm ]
Post subject:  Different Version of ZigZag Channel
If it is always the way you wanted for trading, we are done with the channel lines. If it is sometimes and not sometimes, look this over.

This will show the potential flexibility of the indicator. Same chart, different settings of “Back”.
Note: When going forward, the blue lines and red lines persist until replaced by a newer Higher-Low or Lower-High. When first put up the recent version only looks to see if these existed in the last few highs and lows. (This might be changeable to look further back, but it means more work.)

These images show variations based on looking Back at different sets of points. (Put up the ZigZagCorrected (white line here), with same settings, to see the High / Low points.)

Default, Back = 1 This would persist going forward and with next segment formed you would see this, which is now Back = 2.
Back 2 GBPUSDH1.png
Back = 0 Not too useful as the trend line changes with each higher or lower (as applicable) tick.
Back 0 GBPUSDH1.png
Back = 3
Back 3 GBPUSDH1.png
Back = 5
Back 5 GBPUSDH1.png
On this chart at this moment Back = 1 or 4 shows nothing.

The horizontal line could even be put (instead) on an earlier high or low if it exists.
Caution: any change we make would apply to all cases. We can make a rule conditional but it has to be expressed as a numerical formula or rule.

By now you probably think I am just trying to confuse you. :D
Author:  MKFXTrader [ Thu Aug 14, 2014 7:35 pm ]
Post subject:  Different Version of ZigZag Channel
Big Be » Thu Aug 14, 2014 7:34 pm wrote:Thank you MKFXTrader.

Re Colors: Red is usually used to indicate go Short and Blue or Green for go Long. You can easily reverse that in the Inputs if you wish, and save in a template. You had said that the horizontal line was for a continuation of the same trend after a pullback so the color is the same.

Re Alerts: until we have the indicator just right I am not worrying about such. If you tell me exactly when you think an alert should happen I can look at the code. But see my next post.

BigBe,
I think you got it as good as it's going to get. Great job. I knew you could do it. :!!: :clap: :yahoo:

I would go ahead and put the alert function back in. A pop up alert like the original code with the ability to set the pip breakage criteria in the inputs tab.

I'm not too concern about the color of the TL's. It was very minor observation.

This is a great addition to any trading strategy. Let's do this.
Author:  MKFXTrader [ Thu Aug 14, 2014 7:51 pm ]
Post subject:  ZigZag is NOT ZigZag!
Close to a 100 pip trade on E/N hourly TF with a break of the lower horizontal TL.
Author:  MKFXTrader [ Thu Aug 14, 2014 7:55 pm ]
Post subject:  ZigZag is NOT ZigZag!
Took 120 pips here on G/CHF hourly TF with a break of the lower diagonal TL. Could've netted another 50 pips today but I didn't take it.

Not many trades this week but these were very powerful trade setups this week.
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