MTF ZigZag with Customizable Rays

MTF ZigZag with Live Tracking (v6) Documentation

This indicator is a sophisticated market structure tool designed for TradingView (Pine Script v6). It combines traditional ZigZag logic with Multi-Timeframe (MTF) analysis, Horizontal Support/Resistance Rays, and a Real-time Tracking Line.

1. Three Core Features

① Multi-Timeframe (MTF) Analysis

Displays ZigZag patterns from higher timeframes (e.g., 1-hour ZigZag on a 5-minute chart).

Advantage: Allows you to see the "Big Picture" without the noise of lower timeframe price action, helping you stay aligned with the primary trend.

② Horizontal Rays (Support & Resistance)

Automatically draws horizontal lines extending to the right from confirmed ZigZag peaks (Highs) and troughs (Lows).

Advantage: Identifies key price levels that act as Support or Resistance. These are excellent for spotting potential breakout zones or reversal areas.

③ Live Tracking Line

Solves the "lag" issue inherent in standard ZigZag indicators. It draws a line from the last confirmed pivot point directly to the current real-time price.

Advantage: Visualizes the current "unconfirmed" wave. You can see exactly how the current momentum compares to previous market structure in real-time.

2. How the Logic Works

Detection Criteria

The script identifies market pivots based on two primary settings:

Depth: The minimum number of bars required where the price is the highest/lowest in that range.

Deviation (%): The minimum percentage price change required to validate a new wave.

Confirmed vs. Temporary

Solid Lines: Confirmed ZigZag waves that have met the Depth and Deviation criteria.

Dashed Lines (Live): The "Live Tracking" line. This moves with the current price and represents a wave that has not yet been locked in.

3. Parameter Settings

Parameter

Description

Timeframe

Specify the timeframe to pull data from (leave empty for current chart).

Deviation (%)

The sensitivity of the wave. Smaller values catch minor swings; larger values catch major trends.

Depth

The lookback period for pivot detection. Larger values result in smoother, larger waves.

Horizontal Rays

Customize colors, width, and styles (Solid, Dotted, Dashed) for High/Low levels.

Live Tracking Style

Adjust the appearance of the real-time line follow the current price.