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First I want to thank you all for your great interest in my work.
To Lionel Issen:
Lionel thanks you for your praising comments.
To Brian Sullivan and Marco"shineon":
Brian and Marco thank you for your compliments and your suggestions about
the article I am about to write.
To Jayson, Steve and ART:
Thank you for your comments and questions, which helped me and the rest of
us to clarify things about my indicator.
To Roy Larsen:
Thanks again Roy for your great interest and contribution.
Now back to ZigZag validity:
Roy located a problem, which is more obvious when one uses small percent
values (I tested with 3%) especially in choppy markets. The problem was that
validity dropped to zero each time zigzag changed direction, regardless of
what the %change was. Though both the Zigzag and the ZigZag validity
indicators, in my opinion, do not have much to offer in such markets, this
remark of Roy's was a very useful one because it gave me the chance to
correct this weak point and at the same time to make the code simpler.
So, here is the new version
{ZigZag validity by Spyros Raftopoulos}
perc:=Input("Percent",2,100,10);
Z:=Zig(C,perc,%);
last:=ValueWhen(1,
( Z > Ref(Z,-1) AND Ref(Z,-1) < Ref(Z,-2) )
OR
( Z < Ref(Z,-1) AND Ref(Z,-1) > Ref(Z,-2) ),
Ref(Z,-1));
pc:=(C-last) * 100 / last;
pc:= Abs(pc);
SD:=(z>Ref(z,-1) AND Ref(z,-1)>Ref(z,-2)) OR (z<Ref(z,-1) AND
Ref(z,-1)<Ref(z,-2));
res:=If(pc>=perc ,1,0);
If(Alert(res,2) AND SD,1,res);
If any of you encounter any other problems please let me know.
Happy trading
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