Order Block Drawing [TradingFinder]🔵 Introduction
Perhaps one of the most challenging tasks for Pine script developers (especially beginners) is properly drawing order blocks. While utilizing the latest technical analysis methods for "Price Action," beginners heavily rely on accurately plotting "Supply" and "Demand" zones, following concepts like "Smart Money Concept" and "ICT".
However, drawing "Order Blocks" may pose a challenge for developers. Therefore, to minimize bugs, increase accuracy, and speed up the process of coding order blocks, we have released the "Order Block Drawing" library.
Below, you can read more details about how to use this library.
Important :
This library has direct and indirect outputs. The indirect output includes the ranges of order blocks plotted on the chart. However, the direct output is a "Boolean" value that becomes "true" only when the price touches an order block, colloquially termed as "Mitigate." You can use this output for setting up alerts.
🔵 How to Use
First, you can add the library to your code as shown in the example below.
import TFlab/OrderBlockDrawing_TradingFinder/1
🟣Parameters
OBDrawing(OBType, TriggerCondition, DistalPrice, ProximalPrice, Index, OBValidDis, Show, ColorZone) =>
Parameters:
• OBType (string)
• TriggerCondition (bool)
• DistalPrice (float)
• ProximalPrice (float)
• Index (int)
• OBValidDis (int)
• Show (bool)
• ColorZone (color)
OBType : All order blocks are summarized into two types: "Supply" and "Demand." You should input your order block type in this parameter. Enter "Demand" for drawing demand zones and "Supply" for drawing supply zones.
TriggerCondition : Input the condition under which you want the order block to be drawn in this parameter.
DistalPrice : Generally, if each zone is formed by two lines, the farthest line from the price is termed "Distal." This input receives the price of the "Distal" line.
ProximalPrice : Generally, if each zone is formed by two lines, the nearest line to the price is termed "Proximal" line.
Index : This input receives the value of the "bar_index" at the beginning of the order block. You should store the "bar_index" value at the occurrence of the condition for the order block to be drawn and input it here.
OBValidDis : Order blocks continue to be drawn until a new order block is drawn or the order block is "Mitigate." You can specify how many candles after their initiation order blocks should continue. If you want no limitation, enter the number 4998.
Show : You may need to manage whether to display or hide order blocks. When this input is "On", order blocks are displayed, and when it's "Off", order blocks are not displayed.
ColorZone : You can input your preferred color for drawing order blocks.
🔵 Function Outputs
This function has only one output. This output is of type "Boolean" and becomes "true" only when the price touches an order block. Each order block can be touched only once and then loses its validity. You can use this output for alerts.
= Drawing.OBDrawing('Demand', Condition, Distal, Proximal, Index, 4998, true, Color)
Supply_and_demand
ZigZag Library [TradingFinder]🔵 Introduction
The "Zig Zag" indicator is an analytical tool that emerges from pricing changes. Essentially, it connects consecutive high and low points in an oscillatory manner. This method helps decipher price changes and can also be useful in identifying traditional patterns.
By sifting through partial price changes, "Zig Zag" can effectively pinpoint price fluctuations within defined time intervals.
🔵 Key Features
1. Drawing the Zig Zag based on Pivot points :
The algorithm is based on pivots that operate consecutively and alternately (switch between high and low swing). In this way, zigzag lines are connected from a swing high to a swing low and from a swing low to a swing high.
Also, with a very low probability, it is possible to have both low pivots and high pivots in one candle. In these cases, the algorithm tries to make the best decision to make the most suitable choice.
You can control what period these decisions are based on through the "PiPe" parameter.
2.Naming and labeling each pivot based on its position as "Higher High" (HH), "Lower Low" (LL), "Higher Low" (HL), and "Lower High" (LH).
Additionally, classic patterns such as HH, LH, LL, and HL can be recognized. All traders analyzing financial markets using classic patterns and Elliot Waves can benefit from the "zigzag" indicator to facilitate their analysis.
" HH ": When the price is higher than the previous peak (Higher High).
" HL ": When the price is higher than the previous low (Higher Low).
" LH ": When the price is lower than the previous peak (Lower High).
" LL ": When the price is lower than the previous low (Lower Low).
🔵 How to Use
First, you can add the library to your code as shown in the example below.
import TFlab/ZigZagLibrary_TradingFinder/1 as ZZ
Function "ZigZag" Parameters :
🟣 Logical Parameters
1. HIGH : You should place the "high" value here. High is a float variable.
2. LOW : You should place the "low" value here. Low is a float variable.
3. BAR_INDEX : You should place the "bar_index" value here. Bar_index is an integer variable.
4. PiPe : The desired pivot period for plotting Zig Zag is placed in this parameter. For example, if you intend to draw a Zig Zag with a Swing Period of 5, you should input 5.
PiPe is an integer variable.
Important :
Apart from the "PiPe" indicator, which is part of the customization capabilities of this indicator, you can create a multi-time frame mode for the indicator using 3 parameters "High", "Low" and "BAR_INDEX". In this way, instead of the data of the current time frame, use the data of other time frames.
Note that it is better to use the current time frame data, because using the multi-time frame mode is associated with challenges that may cause bugs in your code.
🟣 Setting Parameters
5. SHOW_LINE : It's a boolean variable. When true, the Zig Zag line is displayed, and when false, the Zig Zag line display is disabled.
6. STYLE_LINE : In this variable, you can determine the style of the Zig Zag line. You can input one of the 3 options: line.style_solid, line.style_dotted, line.style_dashed. STYLE_LINE is a constant string variable.
7. COLOR_LINE : This variable takes the input of the line color.
8. WIDTH_LINE : The input for this variable is a number from 1 to 3, which is used to adjust the thickness of the line that draws the Zig Zag. WIDTH_LINE is an integer variable.
9. SHOW_LABEL : It's a boolean variable. When true, labels are displayed, and when false, label display is disabled.
10. COLOR_LABEL : The color of the labels is set in this variable.
11. SIZE_LABEL : The size of the labels is set in this variable. You should input one of the following options: size.auto, size.tiny, size.small, size.normal, size.large, size.huge.
12. Show_Support : It's a boolean variable that, when true, plots the last support line, and when false, disables its plotting.
13. Show_Resistance : It's a boolean variable that, when true, plots the last resistance line, and when false, disables its plotting.
Suggestion :
You can use the following code snippet to import Zig Zag into your code for time efficiency.
//import Library
import TFlab/ZigZagLibrary_TradingFinder/1 as ZZ
// Input and Setting
// Zig Zag Line
ShZ = input.bool(true , 'Show Zig Zag Line', group = 'Zig Zag') //Show Zig Zag
PPZ = input.int(5 ,'Pivot Period Zig Zag Line' , group = 'Zig Zag') //Pivot Period Zig Zag
ZLS = input.string(line.style_dashed , 'Zig Zag Line Style' , options = , group = 'Zig Zag' )
//Zig Zag Line Style
ZLC = input.color(color.rgb(0, 0, 0) , 'Zig Zag Line Color' , group = 'Zig Zag') //Zig Zag Line Color
ZLW = input.int(1 , 'Zig Zag Line Width' , group = 'Zig Zag')//Zig Zag Line Width
// Label
ShL = input.bool(true , 'Label', group = 'Label') //Show Label
LC = input.color(color.rgb(0, 0, 0) , 'Label Color' , group = 'Label')//Label Color
LS = input.string(size.tiny , 'Label size' , options = , group = 'Label' )//Label size
Show_Support= input.bool(false, 'Show Last Support',
tooltip = 'Last Support' , group = 'Support and Resistance')
Show_Resistance = input.bool(false, 'Show Last Resistance',
tooltip = 'Last Resistance' , group = 'Support and Resistance')
//Call Function
ZZ.ZigZag(high ,low ,bar_index ,PPZ , ShZ ,ZLS , ZLC, ZLW ,ShL , LC , LS , Show_Support , Show_Resistance )
