JOINT PURCHASES ZIG ZAG CONFLUX

ZIG ZAG CONFLUX



The idea behind this showme study is that turning points in price action might occur at or near to support or resistance levels. If turning points occur more than once near a specific level then it may be that this level has some significance, in other words, if a level appeared to provide support or resistance previously, then it may do so again.

This new program was created with the following objectives:
1. Make it easier for users to get meaningful results without having to manipulate too many inputs.
2. Reduce the computer’s processing load.

This program finds turning points in price action using the zig zag method. Once a new turning point is found, its price level is compared with price levels already stored in an array (if any). If the new level is within a user-specified tolerance of an existing line then the two lines are ‘combined’ by increasing the ‘significance index’ and updating the date and time associated with the level.



On the last bar of the chart the array is sorted by the significance index and date/time and the top entries (the number is a user specified input) are plotted on the chart in the currently viewable window. The levels will then stay the same unless the chart is refreshed (for example, by pressing CTR-R), hence minimizing processing resource.

This unprotected and commented program (i.e. the TradeStation EasyLanguage indicator) and associated array sort function.