Multi 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

204 lines of Pine Script v5 from ZigZag - ishod/Multi ZigZag - 8.pine.txt, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.

Multi ZigZag - 8.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 ZigZag', shorttitle='MZigZag', 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', inline='stats')
max_array_size = input.int(20, step=20, title='', group='Misc', inline='stats')

showZigZag1 = input.bool(true, title='L1 Length', group='Zigzag', inline='main')
zigzag1Length = input.int(5, 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(8, 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(13, 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(21, 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]

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)

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] = zigzag(zigzag2Length, zigzagpivots2, zigzagpivotbars2, zigzagpivotdirs2)
[level3ZG, doublel3ZG] = zigzag(zigzag3Length, zigzagpivots3, zigzagpivotbars3, zigzagpivotdirs3)
[level4ZG, doublel4ZG] = zigzag(zigzag4Length, zigzagpivots4, zigzagpivotbars4, zigzagpivotdirs4)


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)

var 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
    if showZigZag1
        table.cell(table_id=stats, column=0, row=0, text='Zigzag ' + str.tostring(zigzag1Length), bgcolor=color.black, text_color=color.white, text_size=text_size)
        table.cell(table_id=stats, column=0, row=1, text='Price', bgcolor=color.black, text_color=color.white, text_size=text_size)
        table.cell(table_id=stats, column=1, row=1, text='BarIndex', bgcolor=color.black, text_color=color.white, text_size=text_size)

        for i = 0 to array.size(zigzagpivots1) - 1 by 1
            bgcolor = getCellColorByDirection(array.get(zigzagpivotdirs1, i))
            table.cell(table_id=stats, column=0, row=i + 2, text=str.tostring(array.get(zigzagpivots1, i)), bgcolor=bgcolor, text_size=text_size)
            table.cell(table_id=stats, column=1, row=i + 2, text=str.tostring(array.get(zigzagpivotbars2, i)), bgcolor=bgcolor, text_size=text_size)

    if showZigZag2
        table.cell(table_id=stats, column=2, row=0, text='Zigzag ' + str.tostring(zigzag2Length), bgcolor=color.black, text_color=color.white, text_size=text_size)
        table.cell(table_id=stats, column=2, row=1, text='Price', bgcolor=color.black, text_color=color.white, text_size=text_size)
        table.cell(table_id=stats, column=3, row=1, text='BarIndex', bgcolor=color.black, text_color=color.white, text_size=text_size)

        for i = 0 to array.size(zigzagpivots2) - 1 by 1
            bgcolor = getCellColorByDirection(array.get(zigzagpivotdirs2, i))
            table.cell(table_id=stats, column=2, row=i + 2, text=str.tostring(array.get(zigzagpivots2, i)), bgcolor=bgcolor, text_size=text_size)
            table.cell(table_id=stats, column=3, row=i + 2, text=str.tostring(array.get(zigzagpivotbars2, i)), bgcolor=bgcolor, text_size=text_size)

    if showZigZag3
        table.cell(table_id=stats, column=4, row=0, text='Zigzag ' + str.tostring(zigzag3Length), bgcolor=color.black, text_color=color.white, text_size=text_size)
        table.cell(table_id=stats, column=4, row=1, text='Price', bgcolor=color.black, text_color=color.white, text_size=text_size)
        table.cell(table_id=stats, column=5, row=1, text='BarIndex', bgcolor=color.black, text_color=color.white, text_size=text_size)

        for i = 0 to array.size(zigzagpivots3) - 1 by 1
            bgcolor = getCellColorByDirection(array.get(zigzagpivotdirs3, i))
            table.cell(table_id=stats, column=4, row=i + 2, text=str.tostring(array.get(zigzagpivots3, i)), bgcolor=bgcolor, text_size=text_size)
            table.cell(table_id=stats, column=5, row=i + 2, text=str.tostring(array.get(zigzagpivotbars3, i)), bgcolor=bgcolor, text_size=text_size)

    if showZigZag4
        table.cell(table_id=stats, column=6, row=0, text='Zigzag ' + str.tostring(zigzag4Length), bgcolor=color.black, text_color=color.white, text_size=text_size)
        table.cell(table_id=stats, column=6, row=1, text='Price', bgcolor=color.black, text_color=color.white, text_size=text_size)
        table.cell(table_id=stats, column=7, row=1, text='BarIndex', bgcolor=color.black, text_color=color.white, text_size=text_size)

        for i = 0 to array.size(zigzagpivots4) - 1 by 1
            bgcolor = getCellColorByDirection(array.get(zigzagpivotdirs4, i))
            table.cell(table_id=stats, column=6, row=i + 2, text=str.tostring(array.get(zigzagpivots4, i)), bgcolor=bgcolor, text_size=text_size)
            table.cell(table_id=stats, column=7, row=i + 2, text=str.tostring(array.get(zigzagpivotbars4, i)), bgcolor=bgcolor, text_size=text_size)

Overview

Multi ZigZag identifies high and low pivot points across multiple time horizons to display market structure and trend swings. Users can adjust the length periods, colors, and alternative price source options for each ZigZag line, as well as enable a statistics table. Because ZigZag calculations rely on confirming high and low extremes, historical pivot connections repaint as new price highs or lows form.

Up to four configurable ZigZag lines
Alternative price source selection
Statistics table display option
Customizable colors and lengths per level

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 ZigZag - 8.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`	`20`	`max_array_size`
L1 Length	`bool`	`true`	`showZigZag1`
zigzag1Length	`int`	`5`	`zigzag1Length`
zigzag1Color	`color`	`color.rgb(66, 165, 245, 0)`	`zigzag1Color`
L2 Length	`bool`	`true`	`showZigZag2`
zigzag2Length	`int`	`8`	`zigzag2Length`
zigzag2Color	`color`	`color.rgb(153, 204, 102, 0)`	`zigzag2Color`
L3 Length	`bool`	`true`	`showZigZag3`
zigzag3Length	`int`	`13`	`zigzag3Length`

Show all 16 settings

Setting	Type	Default	Variable
zigzag3Color	`color`	`color.rgb(251, 192, 45, 0)`	`zigzag3Color`
L4 Length	`bool`	`true`	`showZigZag4`
zigzag4Length	`int`	`21`	`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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