Momentum-based ZigZag (incl. QQE) NON-REPAINTING

I spent a lot of time searching for the best ZigZag indicator . Difficulty with all of them is that they are always betting on some pre-defined rules which identify or confirm pivot points . Usually it is time factor - pivot point gets confirmed after a particular number of candles. This methodology is probably the best when market is moving relatively slow, but when price starts chopping up and down, there is no way the ZigZag follows accurately. On the other hand if you set it too tight (for example pivot confirmation after only 2 or even 1 candle), you will get hundreds of zigzag lines and they will tell you nothing.

My point of view is to follow the market. If it has reversed, then it has reversed, and there is no need to wait pre-defined number of candles for the confirmation. Such reversals will always be visible on momentum indicators, such as the most popular MACD . But a single-line moving average can be also good enough to notice reversals. Or my favourite one - QQE, which I borrowed (and improved) from JustUncleL, who borrowed it from Glaz, who borrowed it from... I don't even know where Quantitative Qualitative Estimation originates from. Thanks to all these guys for their input and code.

So whichever momentum indicator you choose - yes, there is a pick-your-poison-type selector as in in-famous Moving Average indicators - once it reverses, a highest (or lowest) point from the impulse is caught and ZigZag gets printed.

One thing I need to emphasize. This indicator DOES NOT REPAINT. It might look like the lines are a bit delayed, especially when compared to all the other ZigZag indicators on TradingView, but they are actually TRUE. There is a value in this - my indicator prints pivot points and Zigzag exactly on the moment they have been noticed, not earlier faking to be faster than they could be.

As a bonus, the indicator marks which impulse had strength in it. It is very nice to see a progressing impulse, but without force - a very likely that reversal on a bigger move is happening.

I'm about to publish some more scripts based on this ZigZag algo, so follow me on TradingView to get notified.

ملاحظات الأخبار: added headers to labels + some tiny adjustments
ملاحظات الأخبار: Code reusability fixes
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500 ‎عملة افتراضية
+1 رد
Peter_O PineCoders
Nice and smooth. thanks a million.
One question though: what would be the best time-frame for this indicator?
+2 رد
Peter_O volramp
@volramp, That part you need to figure out yourself :)
This publication is now featured in our Editors' Picks: .
In the name of all TradingViewers, thank you for your valuable contribution to the community, and congrats!
+1 رد
Peter_O PineCoders
@PineCoders, Thank you, I'm flattered!
Love your realistic and no-nonsense visuals!
+1 رد
@LucF, Thanks Doc!
Marvellous wright up, thanks sir !
+1 رد
Peter_O syrinxflunki
@syrinxflunki, thanks!