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ZigZag Volume

MRA - ZigZag Volume indicator

Version 1.00 (08/09/2013) Initial release.
Version 1.10 (10/25/2013) Bug negative time duration when a swing spans multiple days fixed.
Version 1.11 (11/02/2013) Correction on bug fix version 1.10.
Version 1.20 (09/08/2015) Added option to show average swing volume text in stead of cumulative swing volume text.

This indicator is inspired on the Weis Wave with its cumulative wave volume. It plots a cumulative ZigZag volume histogram, a ZigZag line and the cumulative volume, price change and/or duration of the up/down swing at the swing high/low.

The ZigZag line can be based on point, percentage, ATR or UTC retracements.
The UTC retracement method is based on John R. Hill, George Pruitt, and Lundy Hill's description in their book The Ultimate Trading Guide, page 39: "A top pivot point is the highest price in a movement prior to penetration of the low of the top bar. A bottom pivot point is the lowest price in a movement prior to penetration of the high of the low bar." The UTC version is an improved version in which the highs and lows are calculated over a period. Longer periods make the ZigZag UTC less sensitive. The default period for the UTC is 2 bars.

Inputs:
HiPrice( close ): price field for high swings
LoPrice( close ): price field for low swings
RetraceMethod( 1 ): 1=Pnt, 2=%, 3=ATR, 4=UTC
Period( 2 ): number of bars over which ATR or UTC is calculated
Retrace( 0 ): retracement in Pnt, % or ATR multiple
PlotVolume( true ): plots cumulative volume histogram
PlotSwings( true ): plots ZigZag lines
PlotVolumeText( true ): plots cumulative volume of up/down swing at swing high/low
AvgVolume( false ): shows average swing volume text in stead of cumulative swing volume text
ScaleVolumeBy( 1 ): divides cumulative volume text by the number of this input
PlotPriceText( false ): plots price change of up/down swing at swing high/low
PlotTimeText( false ): plots duration of up/down swing at swing high/low
LineWidth( 0 ): line width of ZigZag lines: 0,1,2,3,4,5,6
LineStyle( tool_solid): line style of ZigZag lines: tool_solid, tool_dotted, tool_dashed, tool_dashed2, tool_dashed3
UpColor( red ): line color of upswings: PowerLanguage colors
DnColor( red ): line color of downswings: PowerLanguage colors
TextColor( black ): text color: PowerLanguage colors

Coded in MultiCharts 8.7 PowerLanguage

Category MultiCharts

Details: ZigZag Volume
Category: MultiCharts

August 9th, 2013
Size: 37.96 KB
Downloaded: 1355 times

Comments/ratings

andby August 9th, 2013 03:38 PM

looks brilliant !

mastbanda2000 August 13th, 2013 03:02 AM

Thanks for you contribution

Very helpful

Slapshot August 14th, 2013 04:48 PM

Excellent, Thank you.

One question, I trade the ES and use 5 min, 1000,1500 tick bar charts. When I have the RetraceMethod=1, RetracePeriod=1 and Retrace=0.75 the Volume Histogram starts its count 1 bar early, There was a similar problem on the SierraChart wave volume. Also, to have the retrace change on 0.75 points I have to set the Retrace amount to 0.74.

terry rimmer August 18th, 2013 01:51 AM

Great job with this study, thank you. I would be interested to hear your view on the different benefits etc of using a Point, %, or ATR retrace

siks September 10th, 2013 10:01 AM

Great job!
Better than original Weis Wave for Multicharts! Original has some strange mirror looking volume attached to wave volume that can not be removed (Tradestation version doesn't have this issue). This indicator has ability to plot wave volume and wave time on bars and that is also not possible in original Weis Wave for MC.
Thank you!
siks

P.S. Is it possible to add alert when record cumulative up or down volume (in predefined bars back) is achieved? I tried to add this with my elementary EL knowledge, but results have no sense...

hoolio October 11th, 2013 09:04 AM

Many thanks.
This will be a great basis of trying out the Weis Wave whilst I read the book

isold October 24th, 2013 04:53 PM

Hi Mrad! Is it possible to program this indy in C# ?, I am using MC.Net Starter and cannot import your great job. Thanks

sevenofnine December 29th, 2013 08:42 AM

Great Work,

this is one of the best if not the best I've seen for multicharts on this forum.

Dillons Grandpa January 11th, 2014 10:19 PM

Fantastic tool! @siks asked a question I also had: Is it possible to add alert when record cumulative up or down volume (in predefined bars back) is achieved?

hamstrus June 28th, 2014 01:47 PM

Thanks Mrad!

Very useful indeed. Does it repaint?

Thanks

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