This indicator analyzes short-term price action on index futures and options charts by applying Rational Quadratic kernel smoothing to detect sideways consolidation ranges and potential breakouts. It processes pivot highs and lows over customizable loopback pe
Indicator · Pine Script v5 · On the chart
Moving Average Based Zig Zag
The Moving Average Based Zig Zag indicator computes a smoothed price series with a volume-weighted Hull Moving Average applied to the chosen pivot source, either high-low or open-close.
GitHub stars2on the repository
Pine versionv5runs as is
Lines of code82
Settings6inputs
LicenceNone stated
Last update3 years ago20 Jun 2023
Add It to Your TradingView Chart
- 1Copy the scriptPress Copy script above. It reads the file straight from GitHub.
- 2Open the Pine EditorOpen a TradingView chart and choose Pine Editor at the bottom of the screen.
- 3Paste over the templateCreate a new indicator, select all of the template text and paste. Press Save and give it a name.
- 4Add it to the chartPress Add to chart, then adjust the settings with the gear icon next to its name.
Source Code
The code stays on GitHub. The author has not published this script under an open licence, so ForexR does not show its code. Copy script reads the file straight from GitHub into your clipboard, so you can still try it on your own chart. Ask the author before reusing the code anywhere else.
Overview
Moving Average Based Zig Zag detects pivot highs and lows on this moving average to construct a connecting zigzag line plotted directly on the price chart. Parameters allow adjustment of moving average length, pivot source type, line style, width, and distinct colors for up and down segments. The indicator reveals swing structure for trend analysis but offers no automated entry or exit signals.
- moving average zigzag
- vw hma pivot detection
- custom line colors
- pivot source choice
- style width controls
Details
Published by
WISEPLAT on GitHub
Type
Indicator, Pine Script v5
Draws
On the price chart
Category
Moving averages, Trend, Support & resistance
Markets
Any symbol
Timeframes
Any timeframe
Risk Notes
No repainting, lookahead or stacked entries were found in its code or README. That says nothing about how well it works: test it first.
Settings
The inputs you can change from the gear icon on the chart. Defaults are the author's.
| Setting | Type | Default | Variable |
|---|---|---|---|
| Source | string | High / Low | pivotSource |
| Moving Average Length | int | 15 | maLength |
| Line Style | string | Solid | lineStyle |
| Line Width | int | 2 | lineWidth |
| Color | color | GREEN_M | upColor |
| dnColor | color | RED_M | dnColor |
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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