ZigZag PA Strategy: Free TradingView Strategy (Pine Script)

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 strategy, select all of the template text and paste. Press Save and give it a name.
4Add it to the chartPress Add to chart. The trades and results appear in the Strategy Tester tab; adjust the settings with the gear icon.

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

From the last five zigzag points it measures XABCD ratios to flag harmonic patterns such as Bat, Butterfly and ABCD, and plots Fibonacci levels. Trades use Fibonacci rates for the entry window, take profit and stop loss, with two optional targets and alert comments. The alternate timeframe request uses lookahead, so results can differ from live trading. It draws on the price chart.

Zigzag on an alternate timeframe
Harmonic pattern detection from XABCD ratios
Fibonacci level display
Two targets with Fibonacci entry, take profit and stop loss

Details

Published by

merdunal on GitHub

Type

Strategy, 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)
Reads higher-timeframe data with lookahead on, so the history can show signals that were not there in real time
The strategy enters trades without a stop loss

File

ZigZag PA Strategy.txt

Repository

github.com/merdunal/Pinescript_Indicator_Strategies. 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
Use Heikken Ashi Candles	`bool`	`false`	`useHA`
Use Alt Timeframe	`bool`	`true`	`useAltTF`
Alt Timeframe	`string`	`60`	`tf`
Show Patterns	`bool`	`true`	`showPatterns`
Display Fibonacci 0.000:	`bool`	`true`	`showFib0000`
Display Fibonacci 0.236:	`bool`	`true`	`showFib0236`
Display Fibonacci 0.382:	`bool`	`true`	`showFib0382`
Display Fibonacci 0.500:	`bool`	`true`	`showFib0500`
Display Fibonacci 0.618:	`bool`	`true`	`showFib0618`
Display Fibonacci 0.764:	`bool`	`true`	`showFib0764`
Display Fibonacci 1.000:	`bool`	`true`	`showFib1000`
Target 1 - Trade size:	`float`	`10000.00`	`target01_trade_size`

Show all 28 settings

Setting	Type	Default	Variable
Target 1 - Fib. Rate to use for Entry Window:	`float`	`0.236`	`target01_ew_rate`
Target 1 - Fib. Rate to use for TP:	`float`	`0.618`	`target01_tp_rate`
Target 1 - Fib. Rate to use for SL:	`float`	`-0.236`	`target01_sl_rate`
Target 2 - Active?	`bool`	`false`	`target02_active`
Target 2 - Trade size:	`float`	`10000.00`	`target02_trade_size`
Target 2 - Fib. Rate to use for Entry Window:	`float`	`0.236`	`target02_ew_rate`
Target 2 - Fib. Rate to use for TP:	`float`	`1.618`	`target02_tp_rate`
Target 2 - Fib. Rate to use for SL:	`float`	`-0.236`	`target02_sl_rate`
target01 Buy Entry Message	`string`		`target01_buy_entry_comment`
target01 Buy Close Message	`string`		`target01_buy_close_comment`
target01 Sell Entry Message	`string`		`target01_sel_entry_comment`
target01 Sell Close Message	`string`		`target01_sel_close_comment`
target02 Buy Entry Message	`string`		`target02_buy_entry_comment`
target02 Buy Close Message	`string`		`target02_buy_close_comment`
target02 Sell Entry Message	`string`		`target02_sel_entry_comment`
target02 Sell Close Message	`string`		`target02_sel_close_comment`

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.

Similar Pine Scripts

Forven S01509 - Simple Donchian 20/10 Breakout

by judder659

361

This trend-following strategy executes a classic Donchian channel breakout system designed to cross-validate backtest results against external framework benchmarks. It triggers a long entry when the closing price breaks above the highest high of the prior entr

Strategy v6 BreakoutTrend

Updated yesterday · AGPL-3.0

Best Chart 1m Strategy Candle Bar

by dearvn

257

This strategy plots running pivot highs as red R circles and pivot lows as blue S circles directly on the price chart. It computes an EMA 3 and a Cto trend line from close prices, then generates long signals on upward EMA-Cto crossovers combined with price pos

Strategy v6 TrendMoving averages Repaints

Updated 6 weeks ago · None stated

Chained Linear Regression Reversal Strategy

by TradersPost

228

The Chained Linear Regression Reversal Strategy plots linear regression channels with upper and lower standard deviation bands directly on the price chart across a user-defined time window. When price breaks out of the static channel for a confirmed number of

Strategy v6 TrendSupport & resistance

Updated 3 months ago · None stated

STRG-HOLP

by harryguiacorn

220

STRG-HOLP is a trading strategy that identifies High of Low Period (HOLP) and Low of High Period (LOHP) breakout setups. It tracks the lowest low or highest high over a user-defined lookback window. A long trade opens when the close breaks above the high of th

Strategy v5 BreakoutSupport & resistance

Updated 1 year ago · None stated

1St Bar GAP+BkOut Screener v2 by RM

by hasnocool

106

This script monitors opening gap conditions and breakout behavior relative to the first candle's range across up to twenty configurable stock tickers. It detects whether following bars remain inside the opening range before breaking out, displaying the status

Strategy v4 Screeners & dashboardsBreakout Repaints

Updated 2 years ago · GPL-3.0

Donchian Strategy - Dynamic TP, Fixed SL, 1% Risk, Daily Target

by Ahmed-GoCode

53

This trend breakout strategy plots Donchian Channels consisting of upper, lower, and middle bands directly on the main price chart. Long positions enter when price touches the upper channel and pulls back to or below the middle band, placing a stop loss at the

Strategy v6 TrendBreakout

Updated 2 months ago · MPL-2.0

More Support & resistance scripts

ZigZag PA Strategy