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Ask a Trainer - TC2000 version 12/17
ZIG ZAG in latest version
I've read back in the history of questions, using search etc. and I've seen a few requests for a ZIG ZAG indicator which was in the software at one time but I can't find it in the latest version. I'm using 17. If it's there and I don't see it, sorry.
I was hoping it would make this next release. However it's not just the zigzag. I want to build an indicator which basically sums volume until the zigzag changes direction based on an adjustable range. The cumulative volume would be displayed in a separate plot below each price bar. Just for example in an uptrend a 10 cent range would sum each bars volume until there was a decrease of 10 cents from close to close. That decease in price would be the initial volume, starting the down move. Using close could be also selectable, as would be the 10 cents, it could be 50 cents, or otherwise depending on stock.
It should be simple enough, given the excellent product that's been built so far.
If you need more info, happy to chat. If it's in great if not, maybe add it for next time.
TC2000 does not have a Zig Zag indicator (the posts about an existing Zig Zag indicator are probably about StockFinder). Nor does it have a indicator which somes volumes after the Zig Zag indicator changes directions. Thank you for your suggestions.
The Cumulative Volume Wave type Indicator topic explores a previous attempt at creating a similar indicator summing volume after direction changes. It may be possible to create better formulas when the next version of the software is released however because there are significant improvements to the Personal Criteria Formula Language.
Thanks for the link to the cumulative volume wave discussion, it is interesting. However much of the discussion goes off line and becomes excessively complex. It might be difficult to explain in text without pictures. Referencing the zigzag indicator might be misleading and a source of confussion. My mistake. It's more like a renko chart with volume being summed during the 'wave'. The wave(s) would be the directional segments. The bricks are defined by a paramenter, say 10 cents as referenced in my original post. Sadly GOOGLE won't give me a good example to show here.
The ability to have renko charts would be most helpful.
So the Renko Charts would be net changed based on not percent change based?
Yes, the net change would be a parameter set by the user, and be pretty much any positive integer greater than zero. 10 cents, 20 cents, 25 cents etc. perhaps for AAPL 500 ($5). The net change would perhaps be smaller for shorter term trading, and longer for catching bigger moves.
There is a solid basis for the creation and use of such an indicator.
For reference http://weisonwyckoff.com/weis-wave/ The lines give the appearance that a zigzag indicator is being used, that might be deceptive. It's not a complex indicator to create in the native code of TC2000. C# or what ever it might be. The blue arrows are not part of the indicator.
For further reference a fellow named Mike has created a similar product, a little more fancy in it's display and features. http://mboxwave.com/
Just the basic wave as David Wies shows it would be a fabulous addition, myself having used it on other platforms.