Projecting Zigzag Pivot Ranges from Price, Oscillator, and Trend History
Summary
This indicator uses a zigzag pivot framework to examine how price pivots relate to an oscillator and a trend measure. Users can select among several oscillators and set the pivot length, then view pivot lines, sentiment labels, optional supertrend lines, and shaded ranges for possible next pivot areas. The script also tracks historical pivot patterns, including higher highs, lower highs, higher lows, and lower lows, and presents reference counts, average ratios, bar distances, and probability-like summaries in its display.
These outputs are descriptive projections based on recorded historical pivot relationships, not evidence that future prices will reach the displayed areas. The document provides source code and configurable display options, but no explicit performance results, validation method, or discussion of prediction accuracy. Zigzag pivots can be confirmed only after subsequent price movement, so users should account for that timing when interpreting apparent historical patterns or using the projected ranges in decisions.
Key ideas
- The indicator combines price pivots, oscillator direction, and trend direction to classify historical pivot behavior.
- Users can choose an oscillator and adjust the zigzag length and related display settings.
- Historical pivot ratios and bar counts inform projected ranges for potential future highs and lows.
- Labels, shaded areas, and optional supertrend lines visualize sentiment and projection statistics.
- The document provides no accuracy study, and pivot-based projections should not be treated as guaranteed forecasts.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.