ZIGGI INDICES

ZigZag based on oscillators is needed

The idea of ​​the indicator

Create a ZigZag indicator, which is constructed based on extreme values determined using oscillators. It can use any classical normalized oscillator, which has overbought and oversold zones. The algorithm should first be executed with the WPR indicator, then similarly add the possibility to draw a zigzag using the following indicators:

• CCI
• Chaikin
  
• RSI
• Stochastic Oscillator

Algorithm and Terms

The first stage is the construction of the Zigzag:

1. The overbought zone is determined as candlesticks, at which the indicator value Value > Lmax (Lmax=-20).
2. The oversold zone is determined as candlesticks, at which the indicator value Value < Lmin (Lmin=-80).
3. The values of Lmax and Lmin should be included in indicator parameters.
4. A yellow point should be added at the High point of candlesticks in the overbought zone—it is the H point.
   
5. A green point should be added at the Low point of candlesticks in the oversold zone—it is the L point.
6. If there is at least one L point between two H points, search for a LL point in the interval between two H points. The candlestick with the lowest Low price will be the LL point. Generally, the LL point is not necessarily an L point. Search for candlesticks with the lowest Low price.
   
7. If there is at least one H point between two L points, search for a HH point in the interval between two L points. The candlestick with the highest High price will be the HH point. Generally, the HH point is not necessarily a H point. Search for candlesticks with the highest High price.
8. Connect LL and HH points to draw a ZigZag. The default color is yellow. The first step is finished.
   

   
   
   
   

The second step is the color of the Zigzag:

1. Search for three consecutive HH points, which meet the following condition: each found HH point should be higher than the previous one.
2. If the same condition is fulfilled for the two LL points found between HH points, i.e. if the second LL is higher than the first one, paint all ZigZag legs between these five points in red.
3. If another HH and another LL points are found after these five ZigZag extremums, and they are located higher than previous HHs and LLs respectively, additionally color 2 ZigZag legs in blue.
4. Continue as long as the condition preserves. This marks an uptrend.
   
5. Similarly, search for decreasing LL points and repeat operations described in pp 1-4. These legs should be colored in red to mark the downtrend.
   

   
   
   

The third step is to add an option for specifying the type of the oscillator, based on which Zigzag will be constructed: CCI, Chaikin, RSI, Stochastic Oscillator.

1. So, the first parameter is the oscillator type, which should be set by an enumeration. The default value is WPR.
   
2. Add Lmax and Lmin parameters for each type. These parameters should have default values.
3. The names of the maximum and minimum parameters should contain