Zig Zag/Consecutive Bars

Added: Jul 13, 2024

This indicator is free to use on any of the available platforms

TradingView

Get Access

NinjaTrader

Current Version: 1.0.0.2

Get Access

Overview

The Zig Zag/Consecutive Bars indicator is a powerful trading tool that helps to visualise the flow of the market. This indicator allows users to see at a glance when a candle closes at a new high or a new low, which can be incorporated into a variety of trading strategies to better understand points of reversal and consolidation.

This indicator also displays the RSI score of each pivot, as well as a trailing count of how many bars it has been since there was a new high/low.

USAGE

As each bar finishes, the script will check if it closed above or below the previous bar’s high or low, depending on the current trend direction. When a new high or low is set, the script will then look for a move in the other direction. This can be a powerful tool that can identify when the market is trending strongly, as well as identifying when the market has a weak or no trend.

At each pivot point, the RSI score is displayed. This serves as additional confirmation to how strong the trend is. The RSI labels can be turned off in the settings.

As each trend develops, the script will count and display the number of bars that have closed since the most recent pivot. These labels can be turned off in the settings.

SETTINGS

Configuration
• Show RSI Scores: Determines whether or not labels displaying RSI scores are drawn.
• Show Counter: Determines whether or not labels displaying the number of bars since the most recent pivot are drawn.
• Line Color: Determines the color of the Zig Zag line.

Release Notes:

NinjaTrader - 1.0.0.1 Jul 15 2024

• Added ability to hide counts and RSI score
• Added ability to select line color

NinjaTrader - 1.0.0.2 Jul 31 2024

• Fixed bug preventing zig/zag line from drawing for a $0 value

PRODUCT

COMPANY

OUR AFFILIATES

MY ACCOUNT

Trading is risky and many will lose money in connection with trading activities. All content on this site is not intended to, and should not be, construed as financial advice. Decisions to buy, sell, hold or trade in securities, commodities and other markets involve risk and are best made based on the advice of qualified financial professionals. Past performance does not guarantee future results.

Hypothetical or Simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, including, but not limited to, lack of liquidity. Simulated trading programs in general are designed with the benefit of hindsight, and are based on historical information. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.

Testimonials appearing on this website may not be representative of other clients or customers and is not a guarantee of future performance or success.

As a provider of technical analysis tools for charting platforms, we do not have access to the personal trading accounts or brokerage statements of our customers. As a result, we have no reason to believe our customers perform better or worse than traders as a whole based on any content or tool we provide.

Charts used on this site are by NinjaTrader in which the majority of our tools are built on. NinjaTrader® is a registered trademark of NinjaTrader, Inc. www.NinjaTrader.com. NinjaTrader® has no affiliation with the owner, developer, or provider of the Services described herein.

This does not represent our full Disclaimer. Please read our full disclaimer