The indicator is based on the two-buffer scheme and does not require any additional settings. It can be used on any financial instrument without any restrictions. The indicator is a known ZigZag, but it does not redraw . The indicator allows to easily detect significant levels on the price chart, as well as demonstrates the ability to determine the probable direction of a price movement. The calculations are based on the candles' Close prices, thus improving the reliability of the levels.
Parameters
- MinBars – amount of calculated bars, the default is 500. If 0, calculation is performed on the entire available history.
Constructive suggestions and feedback are highly appreciated.
