ZigZag Waves

Hello All,

I am here with a new idea and script, "Zigzag Waves". This indicator creates 3 Zigzags with different lengths, keeps the lengths of each zigzag wave and calculates/draws average waves for each zigzag. optionally it can reset the wave when zigzag direction changes and new highest/lowest found. And optionally it draws Exponential Moving Average(EMA) of the sum of waves. This idea is very new and at the moment there is no optimization for the Zigzag Periods. Maybe we altogether can improve the idea and find the best zigzag periods for different symbols and time frames.

Using the options You can play with the periods, add/remove EMA, set its color and reset the waves on new Highest/Lowest. As far as I see resetting the waves on new Highest/Lowest may bring better results.

if we enable "Reset the waves on new Highest/Lowest":


Using different periods and EMA length:



P.S. if you have ideas to improve this script, drop a comment under the script please.


Enjoy!