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After applying the ZIGZAGSTEPPATTERN on think or swim, I was truly amazed. On the daily and minute chart one can see the scanner showing a buy signal in the form of an arrow. It worked for recent breakouts such as FNBC, MTBC, PED, etc. It would be great if there was a way to add it to our scanners, however, the editor did not allow me since it disclaimed that the code was “too complex”. I have a question Mr. Hahn, lately I have been using an extremely effective pattern in the thinkorswim platform, its the ZIGZAGSTEPPATTERN, and I really really wish I could get a way to add it to a scanner or to a watchlist reflecting when the arrow has made the move within a certain number of bars so we can still buy that stock before its too late. The pattern is quite simple is just an arrow, however, I tried adding it to my scanner and it said that it was too complex to add it to a scanner, is there any way we can add it to a watchlist? input priceH = high; def zigZag = reference ZigZagHighLow(priceH, priceL, percentageReversal, absoluteReversal, atrLength, atrReversal).ZZ; def step1 = open[1] >= open and open >= close[1] and open[1] > close[1];
If there is any way you can help me Mr. Hahn I would greatly appreciate it.
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Couple things. First, when I copy and paste the code you provided there appears to be some lines missing. So I am not able to test it on my platform. Second thing to mention is that the ZigZag indicator is almost never useful for trading on a live chart. This is because it must be able to read the future in order to plot the lines and signals. Not saying that is the case in your specific code. I will need a fully functioning code in order to know for sure. Have you been trading these signals on a live chart or have you just been back testing the signals it generates?
Thank you for your quick response Mr. Hahn, I have tested it live, it does work, I would say that one out of five times it gives a false signal but I have seen it and used it in live charts. The code that I provided I just directly copied and pasted it from the patterns section on TOS, its under ZIGZAGSTEPPATTERN, however, it did not work to set as a scanner.