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it calculate the swings like it should and in most cases it identifies the same swings which you would also mark when you do it manually. Seldom this indicator identifies the swings not correctly, this is due to, that it try to find a new high/low, but the swing before is not finish. This problem is e.g. the result of a sequence of bars with long wicks (often by minute charts).
Set the "span parameter" to 2 or 4 and/or try a 50 range chart.
The following user says Thank You to dorschden for this post:
Yes, I know, but that's the way this indicator is calculated. But this fail identifications or not often. I had a quick look at the FDAX 50 range chart until 01.06.09 and I don't see any other errors.
Otherwise you can use Swing Temp (see sukhsan post) and Ninjapriceaction for the HH/LL.
This is the normal RSI. I only put some visual adds on this.
I only use it by the 3 or 5 minute chart at the beginning of the session. Or as a divergence trade for a gap close.
The following user says Thank You to dorschden for this post:
thanks i made a indicator thats looks somwhat like that but i cant get it to work like i want so i threw it in the bin,was trying to make a end of cycle indicator but no luck cant figure out how the eot guys made that one lol...sharky
I made some subtle changes to your indicator allowing "Text Offset" and "Line Width" to be stored in XML chart template (removed serialization restriction). Could you please tell me what changes I need to make so ZigZag dots have price markers? For now nothing appears on price axis regardless of "Price marker(s)" property setting (True or False).
With ZZ UTC if you don't have it set to calculate on bar close it will give a swing and then the price move the other way for ages and it will stay saying go the wrong way. If you refresh chart it previous swing might go away. Not calculate on bar close is not reliable things change to quick.
I never realize that the markers not work because I never used them for the swings. But I think the markers are only visible, when the plot is set (ZigZagDot.Set) and the plot is not set at each bar, only when a new swing is occured, so you don't have a marker. You can add a new plot and set it to lastHi/lastLo and then you should have the price markers but then you always have a line/dots in the chart.
I'm not sure, whether I understand your problem, my English is not so good.
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You mean this situation? There is a new swing (lower high) and the price goes down but the indicator is still in an uptrend. That's normal. The reason is the "Span" parameter. A new swing is set when the span-value of bars are over. When you set span to 2 for example, then the indicator is in a downtrend.
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Anyway, the indicator logic is not from me. I only add things for my trading to this indicator.
