Multi Level Zigzag: Free TradingView Indicator (Pine Script)

Add It to Your TradingView Chart

1Copy the scriptPress Copy script above, or the copy button on the code below.
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

230 lines of Pine Script v5 from ZigZag - ishod/Multi Level Zigzag - 7.pine.txt, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.

Multi Level Zigzag - 7.pine.txt

// This source code is subject to the terms of the Mozilla Public License 2.0 at https://mozilla.org/MPL/2.0/
// © HeWhoMustNotBeNamed

//   __    __            __       __  __                  __       __                        __      __    __              __      _______             __    __                                          __ 
//  /  |  /  |          /  |  _  /  |/  |                /  \     /  |                      /  |    /  \  /  |            /  |    /       \           /  \  /  |                                        /  |
//  $$ |  $$ |  ______  $$ | / \ $$ |$$ |____    ______  $$  \   /$$ | __    __   _______  _$$ |_   $$  \ $$ |  ______   _$$ |_   $$$$$$$  |  ______  $$  \ $$ |  ______   _____  ____    ______    ____$$ |
//  $$ |__$$ | /      \ $$ |/$  \$$ |$$      \  /      \ $$$  \ /$$$ |/  |  /  | /       |/ $$   |  $$$  \$$ | /      \ / $$   |  $$ |__$$ | /      \ $$$  \$$ | /      \ /     \/    \  /      \  /    $$ |
//  $$    $$ |/$$$$$$  |$$ /$$$  $$ |$$$$$$$  |/$$$$$$  |$$$$  /$$$$ |$$ |  $$ |/$$$$$$$/ $$$$$$/   $$$$  $$ |/$$$$$$  |$$$$$$/   $$    $$< /$$$$$$  |$$$$  $$ | $$$$$$  |$$$$$$ $$$$  |/$$$$$$  |/$$$$$$$ |
//  $$$$$$$$ |$$    $$ |$$ $$/$$ $$ |$$ |  $$ |$$ |  $$ |$$ $$ $$/$$ |$$ |  $$ |$$      \   $$ | __ $$ $$ $$ |$$ |  $$ |  $$ | __ $$$$$$$  |$$    $$ |$$ $$ $$ | /    $$ |$$ | $$ | $$ |$$    $$ |$$ |  $$ |
//  $$ |  $$ |$$$$$$$$/ $$$$/  $$$$ |$$ |  $$ |$$ \__$$ |$$ |$$$/ $$ |$$ \__$$ | $$$$$$  |  $$ |/  |$$ |$$$$ |$$ \__$$ |  $$ |/  |$$ |__$$ |$$$$$$$$/ $$ |$$$$ |/$$$$$$$ |$$ | $$ | $$ |$$$$$$$$/ $$ \__$$ |
//  $$ |  $$ |$$       |$$$/    $$$ |$$ |  $$ |$$    $$/ $$ | $/  $$ |$$    $$/ /     $$/   $$  $$/ $$ | $$$ |$$    $$/   $$  $$/ $$    $$/ $$       |$$ | $$$ |$$    $$ |$$ | $$ | $$ |$$       |$$    $$ |
//  $$/   $$/  $$$$$$$/ $$/      $$/ $$/   $$/  $$$$$$/  $$/      $$/  $$$$$$/  $$$$$$$/     $$$$/  $$/   $$/  $$$$$$/     $$$$/  $$$$$$$/   $$$$$$$/ $$/   $$/  $$$$$$$/ $$/  $$/  $$/  $$$$$$$/  $$$$$$$/ 
//                                                                                                                                                                                                          
//                                                                                                                                                                                                          
//
//@version=5
indicator('Multi Level Zigzag', shorttitle='Multi Level ZigZag', overlay=true, max_bars_back=1000, max_lines_count=500, max_labels_count=500)
useAlternativeSource = input.bool(false, title='', group='Source', inline='src')
source = input.source(close, title='Alternative Source', group='Source', inline='src')

showStatTable = input.bool(true, title='Show Stats', group='Misc')
max_array_size = input.int(50, step=20, title='Max Array Size', group='Misc')
useZigZagChain = input.bool(false, 'Chain Zigzags', group='Misc')
waitForConfirmation = input.bool(false, 'Wait For Confirmation', group='Misc')

showZigZag1 = input.bool(true, title='L1 Length', group='Zigzag', inline='main')
zigzag1Length = input.int(3, step=1, minval=3, title='', group='Zigzag', inline='main')
zigzag1Color = input.color(color.rgb(66, 165, 245, 0), title='', group='Zigzag', inline='main')

showZigZag2 = input.bool(true, title='L2 Length', group='Zigzag', inline='sub1')
zigzag2Length = input.int(2, step=1, minval=2, title='', group='Zigzag', inline='sub1')
zigzag2Color = input.color(color.rgb(153, 204, 102, 0), title='', group='Zigzag', inline='sub1')

showZigZag3 = input.bool(true, title='L3 Length', group='Zigzag', inline='sub2')
zigzag3Length = input.int(2, step=1, minval=2, title='', group='Zigzag', inline='sub2')
zigzag3Color = input.color(color.rgb(251, 192, 45, 0), title='', group='Zigzag', inline='sub2')

showZigZag4 = input.bool(true, title='L4 Length', group='Zigzag', inline='sub3')
zigzag4Length = input.int(2, step=1, minval=2, title='', group='Zigzag', inline='sub3')
zigzag4Color = input.color(color.rgb(244, 143, 177, 0), title='', group='Zigzag', inline='sub3')

var zigzagpivots1 = array.new_float(0)
var zigzagpivotbars1 = array.new_int(0)
var zigzagpivotdirs1 = array.new_int(0)

var zigzagpivots2 = array.new_float(0)
var zigzagpivotbars2 = array.new_int(0)
var zigzagpivotdirs2 = array.new_int(0)

var zigzagpivots3 = array.new_float(0)
var zigzagpivotbars3 = array.new_int(0)
var zigzagpivotdirs3 = array.new_int(0)

var zigzagpivots4 = array.new_float(0)
var zigzagpivotbars4 = array.new_int(0)
var zigzagpivotdirs4 = array.new_int(0)

var zigzag1lines = array.new_line(0)
var zigzag2lines = array.new_line(0)
var zigzag3lines = array.new_line(0)
var zigzag4lines = array.new_line(0)

add_to_array(arr, val, maxItems) =>
    array.unshift(arr, val)
    if array.size(arr) > maxItems
        array.pop(arr)

pivots(length) =>
    highsource = useAlternativeSource ? source : high
    lowsource = useAlternativeSource ? source : low
    float phigh = ta.highestbars(highsource, length) == 0 ? highsource : na
    float plow = ta.lowestbars(lowsource, length) == 0 ? lowsource : na
    [phigh, plow, bar_index, bar_index]

outerpivots(startIndex, length, zigzagpivots, zigzagpivotbars) =>
    zigzagminimal = array.slice(zigzagpivots, startIndex, length - 1)
    lastPivot = array.get(zigzagpivots, startIndex)
    lastPivotBar = array.get(zigzagpivotbars, startIndex)
    highestPivot = array.max(zigzagminimal)
    lowestPivot = array.min(zigzagminimal)
    float phigh = lastPivot == highestPivot ? lastPivot : na
    float plow = lastPivot == lowestPivot ? lastPivot : na
    int phighbar = lastPivot == highestPivot ? lastPivotBar : na
    int plowbar = lastPivot == lowestPivot ? lastPivotBar : na
    [phigh, plow, phighbar, plowbar]

addnewpivot(zigzagpivots, zigzagpivotbars, zigzagpivotdirs, value, bar, dir) =>
    newDir = dir
    if array.size(zigzagpivots) >= 2
        LastPoint = array.get(zigzagpivots, 1)
        newDir := dir * value > dir * LastPoint ? dir * 2 : dir
        newDir
    add_to_array(zigzagpivots, value, max_array_size)
    add_to_array(zigzagpivotbars, bar, max_array_size)
    add_to_array(zigzagpivotdirs, newDir, max_array_size)

zigzagcore(phigh, plow, phighbar, plowbar, zigzagpivots, zigzagpivotbars, zigzagpivotdirs) =>
    pDir = 1
    newZG = false
    doubleZG = phigh and plow
    if array.size(zigzagpivots) >= 1
        pDir := array.get(zigzagpivotdirs, 0)
        pDir := pDir % 2 == 0 ? pDir / 2 : pDir
        pDir

    if (pDir == 1 and phigh or pDir == -1 and plow) and array.size(zigzagpivots) >= 1
        pivot = array.shift(zigzagpivots)
        pivotbar = array.shift(zigzagpivotbars)
        pivotdir = array.shift(zigzagpivotdirs)
        value = pDir == 1 ? phigh : plow
        bar = pDir == 1 ? phighbar : plowbar

        useNewValues = value * pivotdir > pivot * pivotdir
        value := useNewValues ? value : pivot
        bar := useNewValues ? bar : pivotbar
        newZG := newZG or useNewValues
        addnewpivot(zigzagpivots, zigzagpivotbars, zigzagpivotdirs, value, bar, pDir)

    if pDir == 1 and plow or pDir == -1 and phigh
        value = pDir == 1 ? plow : phigh
        bar = pDir == 1 ? plowbar : phighbar
        dir = pDir == 1 ? -1 : 1
        newZG := true
        addnewpivot(zigzagpivots, zigzagpivotbars, zigzagpivotdirs, value, bar, dir)

    [newZG, doubleZG]

zigzag(length, zigzagpivots, zigzagpivotbars, zigzagpivotdirs) =>
    [phigh, plow, phighbar, plowbar] = pivots(length)
    zigzagcore(phigh, plow, phighbar, plowbar, zigzagpivots, zigzagpivotbars, zigzagpivotdirs)

outerzigzag(outerzigzagLength, zigzagpivots, zigzagpivotbars, outerzigzagpivots, outerzigzagpivotbars, outerzigzagpivotdirs, ignore) =>
    newOuterZG = false
    newDoubleOuterZG = false
    startIndex = waitForConfirmation ? 1 : 0
    if array.size(zigzagpivots) >= outerzigzagLength * 2 + startIndex
        [phigh, plow, phighbar, plowbar] = outerpivots(startIndex, outerzigzagLength * 2 + startIndex, zigzagpivots, zigzagpivotbars)
        [newZG, doubleZG] = zigzagcore(phigh, plow, phighbar, plowbar, outerzigzagpivots, outerzigzagpivotbars, outerzigzagpivotdirs)
        newOuterZG := newZG
        newDoubleOuterZG := doubleZG
        newDoubleOuterZG
    [newOuterZG, newDoubleOuterZG]

draw_zg_line(idx1, idx2, zigzaglines, zigzagpivots, zigzagpivotbars, zigzagcolor, zigzagwidth, zigzagstyle) =>
    if array.size(zigzagpivots) > 2
        y1 = array.get(zigzagpivots, idx1)
        y2 = array.get(zigzagpivots, idx2)
        x1 = array.get(zigzagpivotbars, idx1)
        x2 = array.get(zigzagpivotbars, idx2)
        zline = line.new(x1=x1, y1=y1, x2=x2, y2=y2, color=zigzagcolor, width=zigzagwidth, style=zigzagstyle)
        if array.size(zigzaglines) >= 1
            lastLine = array.get(zigzaglines, 0)
            if x2 == line.get_x2(lastLine) and y2 == line.get_y2(lastLine)
                line.delete(lastLine)
        array.unshift(zigzaglines, zline)
        if array.size(zigzaglines) > max_array_size * 10
            line.delete(array.pop(zigzaglines))

draw_zigzag(doubleZG, zigzaglines, zigzagpivots, zigzagpivotbars, zigzagcolor, zigzagwidth, zigzagstyle) =>
    if doubleZG
        draw_zg_line(1, 2, zigzaglines, zigzagpivots, zigzagpivotbars, zigzagcolor, zigzagwidth, zigzagstyle)

    if array.size(zigzagpivots) >= 2
        draw_zg_line(0, 1, zigzaglines, zigzagpivots, zigzagpivotbars, zigzagcolor, zigzagwidth, zigzagstyle)

getCellColorByDirection(dir) =>
    dir == 2 ? color.green : dir == 1 ? color.lime : dir == -1 ? color.orange : dir == -2 ? color.red : color.silver

[level1ZG, doublel1ZG] = zigzag(zigzag1Length, zigzagpivots1, zigzagpivotbars1, zigzagpivotdirs1)
[level2ZG, doublel2ZG] = outerzigzag(zigzag2Length, zigzagpivots1, zigzagpivotbars1, zigzagpivots2, zigzagpivotbars2, zigzagpivotdirs2, level1ZG)
[level3ZG, doublel3ZG] = outerzigzag(useZigZagChain ? zigzag3Length : zigzag2Length + zigzag3Length, useZigZagChain ? zigzagpivots2 : zigzagpivots1, useZigZagChain ? zigzagpivotbars2 : zigzagpivotbars1, zigzagpivots3, zigzagpivotbars3, zigzagpivotdirs3, useZigZagChain ? level2ZG : level1ZG)
[level4ZG, doublel4ZG] = outerzigzag(useZigZagChain ? zigzag4Length : zigzag2Length + zigzag3Length + zigzag4Length, useZigZagChain ? zigzagpivots3 : zigzagpivots1, useZigZagChain ? zigzagpivotbars3 : zigzagpivotbars1, zigzagpivots4, zigzagpivotbars4, zigzagpivotdirs4, useZigZagChain ? level2ZG : level1ZG)
if level1ZG and showZigZag1
    draw_zigzag(doublel1ZG, zigzag1lines, zigzagpivots1, zigzagpivotbars1, zigzag1Color, 1, line.style_solid)

if level2ZG and showZigZag2
    draw_zigzag(doublel2ZG, zigzag2lines, zigzagpivots2, zigzagpivotbars2, zigzag2Color, 1, line.style_solid)

if level1ZG and showZigZag3
    draw_zigzag(doublel3ZG, zigzag3lines, zigzagpivots3, zigzagpivotbars3, zigzag3Color, 1, line.style_solid)

if level2ZG and showZigZag4
    draw_zigzag(doublel4ZG, zigzag4lines, zigzagpivots4, zigzagpivotbars4, zigzag4Color, 1, line.style_solid)



stats = table.new(position=position.top_right, columns=8, rows=max_array_size + 2, border_width=1)
text_size = size.tiny
if barstate.islast and showStatTable

    table.cell(table_id=stats, column=0, row=0, text='Price', bgcolor=color.black, text_color=color.white, text_size=text_size)
    table.cell(table_id=stats, column=1, row=0, text='BarIndex', bgcolor=color.black, text_color=color.white, text_size=text_size)
    table.cell(table_id=stats, column=2, row=0, text='Zigzag2', bgcolor=color.black, text_color=color.white, text_size=text_size)
    table.cell(table_id=stats, column=3, row=0, text='Zigzag3', bgcolor=color.black, text_color=color.white, text_size=text_size)
    table.cell(table_id=stats, column=4, row=0, text='Zigzag4', bgcolor=color.black, text_color=color.white, text_size=text_size)
    zg2Index = 0
    zg3Index = 0
    zg4Index = 0
    for i = 0 to array.size(zigzagpivots1) - 1 by 1
        bgcolor = getCellColorByDirection(array.get(zigzagpivotdirs1, i))
        z1Price = array.get(zigzagpivots1, i)
        z1Bar = array.get(zigzagpivotbars1, i)
        table.cell(table_id=stats, column=0, row=i + 1, text=str.tostring(z1Price), bgcolor=bgcolor, text_size=text_size)
        table.cell(table_id=stats, column=1, row=i + 1, text=str.tostring(z1Bar), bgcolor=bgcolor, text_size=text_size)


        if array.size(zigzagpivots2) > zg2Index
            z2Price = array.get(zigzagpivots2, zg2Index)
            z2Bar = array.get(zigzagpivotbars2, zg2Index)

            if z2Bar == z1Bar
                table.cell(table_id=stats, column=2, row=i + 1, text='', bgcolor=zigzag2Color, text_size=text_size)
                zg2Index := zg2Index + 1

                if array.size(zigzagpivots3) > zg3Index
                    z3Price = array.get(zigzagpivots3, zg3Index)
                    z3Bar = array.get(zigzagpivotbars3, zg3Index)

                    if z3Bar == z2Bar
                        table.cell(table_id=stats, column=3, row=i + 1, text='', bgcolor=zigzag3Color, text_size=text_size)
                        zg3Index := zg3Index + 1

                        if array.size(zigzagpivots4) > zg4Index
                            z4Price = array.get(zigzagpivots4, zg4Index)
                            z4Bar = array.get(zigzagpivotbars4, zg4Index)

                            if z4Bar == z3Bar
                                table.cell(table_id=stats, column=4, row=i + 1, text='', bgcolor=zigzag4Color, text_size=text_size)
                                zg4Index := zg4Index + 1
                                zg4Index

Overview

Each level can be toggled and configured with custom lengths and colors. Settings allow users to chain consecutive ZigZags, select an alternative price source, wait for pivot confirmation, and display an on-screen statistics table. Because it is based on ZigZag swing points, the unconfirmed trailing legs repaint as new extremes develop on live bars.

Multi-level hierarchical ZigZag plotting
Configurable lengths and colors for up to four levels
ZigZag chaining option
Pivot confirmation toggle
On-screen statistics table

Details

Published by

WISEPLAT on GitHub

Code credit

HeWhoMustNotBeNamed, as written in the script's header

Type

Indicator, Pine Script v5

Draws

On the price chart

Markets

Any symbol

Timeframes

Any timeframe

Risk Notes

Signals can change on the live bar or after it closes (repainting)

File

ZigZag - ishod/Multi Level Zigzag - 7.pine.txt

Repository

github.com/WISEPLAT/Pine-MQL5-Scripts-Free. See its other scripts in the library

Settings

The inputs you can change from the gear icon on the chart. Defaults are the author's.

Setting	Type	Default	Variable
useAlternativeSource	`bool`	`false`	`useAlternativeSource`
Alternative Source	`source`	`close`	`source`
Show Stats	`bool`	`true`	`showStatTable`
Max Array Size	`int`	`50`	`max_array_size`
Chain Zigzags	`bool`	`false`	`useZigZagChain`
Wait For Confirmation	`bool`	`false`	`waitForConfirmation`
L1 Length	`bool`	`true`	`showZigZag1`
zigzag1Length	`int`	`3`	`zigzag1Length`
zigzag1Color	`color`	`color.rgb(66, 165, 245, 0)`	`zigzag1Color`
L2 Length	`bool`	`true`	`showZigZag2`
zigzag2Length	`int`	`2`	`zigzag2Length`
zigzag2Color	`color`	`color.rgb(153, 204, 102, 0)`	`zigzag2Color`

Show all 18 settings

Setting	Type	Default	Variable
L3 Length	`bool`	`true`	`showZigZag3`
zigzag3Length	`int`	`2`	`zigzag3Length`
zigzag3Color	`color`	`color.rgb(251, 192, 45, 0)`	`zigzag3Color`
L4 Length	`bool`	`true`	`showZigZag4`
zigzag4Length	`int`	`2`	`zigzag4Length`
zigzag4Color	`color`	`color.rgb(244, 143, 177, 0)`	`zigzag4Color`

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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