ZigZag/Fib Retracement % Indicator

[evanevans]

I'm wondering if someone would be interested in creating/coding a ZigZag/Fib Retracement % indicator?

The premise is this:

A market, stock, for a particular period is "choppy" (ranging/non-trending) if rally retracements exceed a % such as 61.8% (or 50%). The same is considered trending if retracements are short of the same or another % (ie: 49%).

If we can plot those %'s we should be able to get a clear image of trending vs non-trending moments.

It's a starting place at least. I'm sure we get more fancy with it, or if you have any ideas let's try them.

Looking forward to seeing how this comes out!

@Welkin interested?

 

[BenTen]

Did you check this post? https://usethinkscript.com/threads/zigzag-high-low-with-supply-demand-zones-for-thinkorswim.172/

 

[evanevans]

I can't seem to find this indicator which I think exists here somewhere. Basically it draws the fib retracement levels for a current trend, the detection and size of which you can define by the zig zag indicator.