ZigZag with Retracement Levels: 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

151 lines of Pine Script v5 from ZigZag - ishod/ZigZag with Retracement Levels - Fibo - 9.pine.txt, published under MPL-2.0 (file header). Keep the author's credit and licence lines when you reuse it.

ZigZag with Retracement Levels - Fibo - 9.pine.txt

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

// This source code is a modification to 'ZigZag with Fibonacci Levels' published by © LonesomeTheBlue

//@version=5
indicator('ZigZag with Retracement Levels', overlay=true, max_bars_back=500, max_lines_count=300)
prd = input.int(defval=10, title='ZigZag Period', minval=2, maxval=50)
showzigzag = input(defval=true, title='Show Zig Zag')
showfibo = input(defval=true, title='Show Retracement Ratios')
labelcol = input(defval=color.white, title='Text Color for Levels')
fibolinecol = input(defval=color.white, title='Line Color for Levels')
showcurrent = input(defval=true, title='Show Retracement Ratios based on latest pivot')
labelcol2 = input(defval=color.yellow, title='Text Color for Current Levels')
fibolinecol2 = input(defval=color.yellow, title='Line Color for Current Levels')
upcol = input.color(defval=color.lime, title='Zigzag Colors', inline='zzcol')
dncol = input.color(defval=color.red, title='', inline='zzcol')
labelloc = input.string(defval='Left', title='Label Location', options=['Left', 'Right'])

// Modified from © LonesomeTheBlue origial code, added options to enable/disable/customize levels ------------------------------------
enable1 = input(defval=true, title='Enable Level 1', inline ='level1')
level1 = input.float(defval=0.236, title='', inline='level1')
enable2 = input(defval=true, title='Enable Level 2', inline ='level2')
level2 = input.float(defval=0.382, title='', inline='level2')
enable3 = input(defval=true, title='Enable Level 3', inline ='level3')
level3 = input.float(defval=0.500, title='', inline='level3')
enable4 = input(defval=true, title='Enable Level 4', inline ='level4')
level4 = input.float(defval=0.618, title='', inline='level4')
enable5 = input(defval=true, title='Enable Level 5', inline ='level5')
level5 = input.float(defval=0.786, title='', inline='level5')

var fibo_ratios = array.new_float(0)
var shownlevels = 1
if barstate.isfirst
    array.push(fibo_ratios, 0.0)
    if enable1
        array.push(fibo_ratios, level1)
        shownlevels += 1
        shownlevels
    if enable2
        array.push(fibo_ratios, level2)
        shownlevels += 1
        shownlevels
    if enable3
        array.push(fibo_ratios, level3)
        shownlevels += 1
        shownlevels
    if enable4
        array.push(fibo_ratios, level4)
        shownlevels += 1
        shownlevels
    if enable5
        array.push(fibo_ratios, level5)
        shownlevels += 1
        shownlevels
    // for x = 1 to 5 by 1
        // array.push(fibo_ratios, x)
    //     array.push(fibo_ratios, x + 0.272)
    //     array.push(fibo_ratios, x + 0.414)
    //     array.push(fibo_ratios, x + 0.618)
    array.push(fibo_ratios, 1.0)
// -------------------------------------------------------------------------------


float ph = ta.highestbars(high, prd) == 0 ? high : na
float pl = ta.lowestbars(low, prd) == 0 ? low : na
var dir = 0
iff_1 = pl and na(ph) ? -1 : dir
dir := ph and na(pl) ? 1 : iff_1
var max_array_size = 10
var zigzag = array.new_float(0)
oldzigzag = array.copy(zigzag)

add_to_zigzag(value, bindex) =>
    array.unshift(zigzag, bindex)
    array.unshift(zigzag, value)
    if array.size(zigzag) > max_array_size
        array.pop(zigzag)
        array.pop(zigzag)

update_zigzag(value, bindex) =>
    if array.size(zigzag) == 0
        add_to_zigzag(value, bindex)
    else
        if dir == 1 and value > array.get(zigzag, 0) or dir == -1 and value < array.get(zigzag, 0)
            array.set(zigzag, 0, value)
            array.set(zigzag, 1, bindex)
        0.

bool dirchanged = dir != dir[1]
if ph or pl
    if dirchanged
        add_to_zigzag(dir == 1 ? ph : pl, bar_index)
    else
        update_zigzag(dir == 1 ? ph : pl, bar_index)

if showzigzag and array.size(zigzag) >= 4 and array.size(oldzigzag) >= 4
    var line zzline = na
    if array.get(zigzag, 0) != array.get(oldzigzag, 0) or array.get(zigzag, 1) != array.get(oldzigzag, 1)
        if array.get(zigzag, 2) == array.get(oldzigzag, 2) and array.get(zigzag, 3) == math.round(array.get(oldzigzag, 3))
            line.delete(zzline)
        zzline := line.new(x1=math.round(array.get(zigzag, 1)), y1=array.get(zigzag, 0), x2=math.round(array.get(zigzag, 3)), y2=array.get(zigzag, 2), color=dir == 1 ? upcol : dncol, width=2)
        zzline

var fibolines = array.new_line(0)
var fibolabels = array.new_label(0)

// Addition to © LonesomeTheBlue origial code ------------------------------------
var fibolines2 = array.new_line(0)
var fibolabels2 = array.new_label(0)
// -------------------------------------------------------------------------------

if showfibo and array.size(zigzag) >= 6 and barstate.islast
    if array.size(fibolines) > 0
        for x = 0 to array.size(fibolines) - 1 by 1
            line.delete(array.get(fibolines, x))
            label.delete(array.get(fibolabels, x))
    if array.size(fibolines2) > 0
        for x = 0 to array.size(fibolines2) - 1 by 1
            line.delete(array.get(fibolines2, x))
            label.delete(array.get(fibolabels2, x))

    diff = array.get(zigzag, 4) - array.get(zigzag, 2)
    stopit = false
    for x = 0 to array.size(fibo_ratios) - 1 by 1
        if stopit and x > shownlevels
            break
        array.unshift(fibolines, line.new(x1=math.round(array.get(zigzag, 5)), y1=array.get(zigzag, 2) + diff * array.get(fibo_ratios, x), x2=bar_index, y2=array.get(zigzag, 2) + diff * array.get(fibo_ratios, x), color=fibolinecol, extend=extend.right, width=2))
        label_x_loc = labelloc == 'Left' ? math.round(array.get(zigzag, 5)) - 1 : bar_index + 15
        array.unshift(fibolabels, label.new(x=label_x_loc, y=array.get(zigzag, 2) + diff * array.get(fibo_ratios, x), text=str.tostring(array.get(fibo_ratios, x), '#.###') + '(' + str.tostring(math.round_to_mintick(array.get(zigzag, 2) + diff * array.get(fibo_ratios, x))) + ')', textcolor=labelcol, style=label.style_none))
        if dir == 1 and array.get(zigzag, 2) + diff * array.get(fibo_ratios, x) > array.get(zigzag, 0) or dir == -1 and array.get(zigzag, 2) + diff * array.get(fibo_ratios, x) < array.get(zigzag, 0)
            stopit := true
            stopit



// Addition to © LonesomeTheBlue origial code ------------------------------------
if showcurrent and array.size(zigzag) >= 6 and barstate.islast
    diff2 = array.get(zigzag, 0) - array.get(zigzag, 2)
    stopit2 = false
    for x = 0 to array.size(fibo_ratios) - 1 by 1
        if stopit2 and x > shownlevels
            break
        array.unshift(fibolines2, line.new(x1=math.round(array.get(zigzag, 3)), y1=array.get(zigzag, 2) + diff2 * (1-array.get(fibo_ratios, x)), x2=bar_index, y2=array.get(zigzag, 2) + diff2 * (1-array.get(fibo_ratios, x)), color=fibolinecol2, extend=extend.right))
        label_x_loc2 = labelloc == 'Left' ? math.round(array.get(zigzag, 3)) - 1 : bar_index + 15
        array.unshift(fibolabels2, label.new(x=label_x_loc2, y=array.get(zigzag, 2) + diff2 * (1-array.get(fibo_ratios, x)), text=str.tostring(array.get(fibo_ratios, x), '#.###') + '(' + str.tostring(math.round_to_mintick(array.get(zigzag, 2) + diff2 * (1-array.get(fibo_ratios, x)))) + ')', textcolor=labelcol2, style=label.style_none))
        if dir == 1 and array.get(zigzag, 2) + diff2 * array.get(fibo_ratios, x) > array.get(zigzag, 0) or dir == -1 and array.get(zigzag, 2) + diff2 * array.get(fibo_ratios, x) < array.get(zigzag, 0)
            stopit2 := true
            stopit2
    
// -------------------------------------------------------------------------------

Overview

ZigZag with Retracement Levels projects customizable Fibonacci retracement levels and ratio labels across identified pivot swings. It also displays real-time retracement levels relative to the latest active pivot. Users can adjust the ZigZag evaluation period, toggle lines or labels, customize colors, set label positions, and individually enable or disable specific Fibonacci ratios.

ZigZag period calculation
Customizable Fibonacci retracement levels
Dynamic current pivot retracement tracking
Configurable level line and label styling

Details

Published by

WISEPLAT on GitHub

Code credit

PtGambler, 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/ZigZag with Retracement Levels - Fibo - 9.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
ZigZag Period	`int`	`10`	`prd`
Show Zig Zag	`bool`	`true`	`showzigzag`
Show Retracement Ratios	`bool`	`true`	`showfibo`
Text Color for Levels	`color`	`color.white`	`labelcol`
Line Color for Levels	`color`	`color.white`	`fibolinecol`
Show Retracement Ratios based on latest pivot	`bool`	`true`	`showcurrent`
Text Color for Current Levels	`color`	`color.yellow`	`labelcol2`
Line Color for Current Levels	`color`	`color.yellow`	`fibolinecol2`
Zigzag Colors	`color`	`color.lime`	`upcol`
dncol	`color`	`color.red`	`dncol`
Label Location	`string`	`Left`	`labelloc`
Enable Level 1	`bool`	`true`	`enable1`

Show all 21 settings

Setting	Type	Default	Variable
level1	`float`	`0.236`	`level1`
Enable Level 2	`bool`	`true`	`enable2`
level2	`float`	`0.382`	`level2`
Enable Level 3	`bool`	`true`	`enable3`
level3	`float`	`0.500`	`level3`
Enable Level 4	`bool`	`true`	`enable4`
level4	`float`	`0.618`	`level4`
Enable Level 5	`bool`	`true`	`enable5`
level5	`float`	`0.786`	`level5`

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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