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Post From: Zig-Zag Study Charting and Tot. Vol. Error/Anomaly

[2017-04-11 18:30:55] Link To Thread - Link To Post [Go To First Post]
User68474 - Posts: 195
First, I believe you did a most honorable job of "lifting the veil" of any haze caused by "complicated and confusing" charts. I believe you understand my question quite well, as now I understand why the "error/anomaly" is omnipresent in my charts. 2. As for "understanding" why "There is a reason why it is designed this way", that is a whole other issue, unfortunately. If "it is designed that way" because of some technical limitations or the amount of effort vs. utility/efficiency required, I would not know, for I am not a programmer. 3. However, if it is for some "philosophy" of technical analysis, I'd like to know what that would be? For many traders wishing to use any sort of volume analysis based upon Wyckoff/a'la David Weis (Wave-all credit where credit is due), the Zig-Zag function is not to just see levels/prices where the possible support and resistance lines begin and end. The Total Volume of each leg/wave is really the crux of the whole issue. Price and Volume (as well as Time (i.e. "Duration", another subject, the accuracy of which you fixed after a discussion not unlike this which we had a few years ago and for which I will forever be most grateful) are equally as important in the "mix" of incoming data. 4. Those "missing" bars, with their associated Volume values, that are "displaced" by your method throw the whole calculus into disarray by considering any subsequent same "last"/closing priced bar(s) which occur(s) after the "first chart bar that meets the condition for extending it" as part of any new reversal leg, reducing the amount of Accumulated Total Volume of the original leg/wave under discussion, and thus erroneously and misleadingly including them in and increasing the Total Volume Accumulated of the subsequent reversal leg/wave. The "philosophy" or concept here, at least what I'm advocating, is that a leg/wave SHOULD include those bars which may accumulate after the so called "first bar" if they have the same last/closing price and that a reversal condition is not met until a reversal condition occurs after the LAST of the bars with same last/close. 5. Certainly I hope you would take this now quite popular and well accepted "philosophy" into consideration.