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Title:      Multi-Timeframe ZigZag Indicator for eSignal
By:         Divergence Software, Inc.
Web:        http://www.sr-analyst.com

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Project Description:   

This script will plot the ZigZag indicator using the bar interval that you specify. So, with this tool 
not only can you plot the ZigZag using the interval you are charting (e.g., a conventional ZigZag), you 
can also plot the ZigZag from a higher timeframe. In addition, you can load multiple copies of the 
indicator (with each copy of the indicator using a different bar interval) into the same chart and view 
the current ZigZag lines from multiple timeframes.

The ZigZag itself is a method of filtering out noise in a chart. It has only one required input which is 
"Percent Move". Percent Move is a percentage value that represents the smallest price swing that you 
want to visualize. So if you happened to set the Percent Move value to 1 (e.g, 1.0%, which is the default 
value), then the ZigZag will only draw lines from highs-to-lows and lows-to-highs where the percent change 
in price was at least 1.0% or greater and it will, in effect, filter out all price swings that are less 
than 1.0%

Operational Notes:

You must be sure that enough data is being plotted on the viewing bar interval to allow the ZigZag 
calculated from a higher bar intervals to be plotted. Use the eSignal Time Template feature to preload 
enough days or bars of data.

Also, the reverse is true in that you need to be sure that enough bars exist at the higher bar interval 
to be able to calculate a ZigZag that will encompass all of the data at your viewing interval. Again, 
use the eSignal Time Template feature to control this.

If you are not familiar with eSignal Time Templates, browse to the eSignal KnowledgeBase at 
http://kb.esignalcentral.com. Search for the keywords Time Template and browse down through the list of 
results until you find Article 1267 - Advanced Charting - Features and General Instructions.

Script Parameters:

Interval:           The bar interval to use for the ZigZag analysis. If you
                    leave this field blank, the script will use the bar interval
                    of the current chart. Note that the interval specified in 
                    this field should always be equal to or larger than the interval 
                    in your chart (e.g., if you are viewing a 1-min chart, you may want
                    to load several copies of this script... one using a 5-min
                    interval, a second using a 15-min interval, a third using
                    a 60-min interval, etc.)

Percent Move:       This is a percentage value that represents the smallest swing
                    that you want to visualize. Any price swings that are smaller
                    than this percentage value will be ignored by the ZigZag 
                    indicator. The default value is 1.0 (e.g., 1%). Use a decimal
                    to input percentage values of less than 1%. So if you wanted 
                    to see swings of 1/2 of 1 percent, you would input 0.5 (e.g.,
                    1/2%) into this field.
                    
ZigZag Line Color:  The color to use for drawing the ZigZag lines.

ZigZag Thickness:   The line thickness to use when drawing the ZigZag lines.

ZigZag Line Type:   Line type to use when drawing the ZigZag lines. Select from 
                    Solid, Dot, Dash, DashDot and DashDotDot.


Disclaimer: For educational purposes only! Obviously, no guarantees whatsoever and use at your own risk.
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