Hi,
I'm using the Zig Zag Oscillator indicator to calculate the delta for legs of 25 ticks or more on the ES, and the Zig Zag indicator to "box" the leg on the price bars. Can an option be added to Zig Zag Oscillator to show only the final value of "Delta Since Last Pivot" across the entire pivot? It's kind of functional now, but because the histogram plots for each bar it can get visually confusing.
Of course, this is functionally equivalent to showing delta on a leg of the Zig Zag indicator, but I'm already using that for a smaller definition of a leg at 12 ticks.
I've attached a couple of screen shots. The first chart shows how I currently have it set up, but with the Zig Zag indicator set to the same 25 ticks as the "box" delta (Zig Zag Oscillator) instead of my usual 12 ticks. The zig zag indicator is displaying price, number of points in the leg, and the delta for the leg. You can see coming into the low at 3074.50 there's a positive delta of +1774 where one would normally expect a negative delta. As a result, the last three boxes aren't split up by a change in colour of the histogram.
What I'm after is something like the second chart. Here, I've roughly marked up the same chart to show the final delta for the "box", instead of seeing the bar by bar delta. I envisage it as a new "Histogram" option in the Zig Zag Oscillator, something like "Histogram Final Value, Solid (+/-)" or perhaps a "Plot Final Value Only" checkbox.
Unless I've completely missed a way to do it that's available now?
Thanks
Chris,
Import this chart: https://www.linnsoft.com/charts/cw-deltalegdistributed-es
In the lower pane, in addition to the ZZO showing the developing delta since last pivot, I have a custom indicator which just takes the final delta of each leg and spreads it over the bars that composed that leg.
I created a signal that identified the pivot bars with simply ZZO = 1 (ZZO set to "Pivot Bar"). Then I created a custom indicator with syntax...
FREF(ZZO, SSTAT)
where ZZO was the detla since last pivot. And SSTAT was setup as "Bars Until Next Signal" using the pivot bar signal we created above.
I had to further adjust the syntax as seen below to deal with the last leg that is still under development (where SSTAT was returning 0 for the bars until next signal/pivot).
(FREF(ZZO, SSTAT) * (SSTAT > 0)) +
(FREF(ZZO, POS - 1) * (SSTAT= 0))
You'll need to adjust the ZZOs involved in the signal and the SSTAT to the min change you want. You could make it a C# if you wish and then adjust with a button.
Excellent. Thanks Chad - I'll give that a go.