Now here is my question: how can we know the first moment that a new leg has appeared?
Is there an indicator that will mark these moments of zigzag leg creation on the chart? If so, we can put pending order just beyond those levels (this is especially practical on Renko and Range bars where GannZigZag very rarely misses a top or bottom)
If you use it in run time, why don't you simply open those pending orders at a moment when it first time shows a new leg? You don't need to reconstruct it historically for that kind of pending orders placing
True, I could watch the charts and open pending orders. But I'm hoping to study it historically first based on visual testing of the range charts. Forward testing would simply take too long to evaluate robustness of this trading plan.
Would really appreciate any pointers on to how to code this... GannZigZag is really accurate on range bars.
The zigzag I'm want is similar to one by default in MT4 MT5 in when i color settings and line thickness and also adjusted price representation (graphical representation), but instead of the typical entries ExtDepth , should ExtBackstep ExtDeviation and replaced by the following:
% Price change (% change define all the decimals that are convenient). Sometimes Typical entries would be as follows% chosen for EURUSD: 0.05%, or 0.005% or 0.0005%.
The input indicator 0.005% (for example) should reflect when the price rises has a rise greater than or equal to 0.005%, if still rising, the zigzag should continue to rise as the price. When the price comes back down (from its last maximum) equal to or greater than 0.005% the zigzag should change direction marking down the price up above, and mark a new low after back up 0.005%.
The aim of ZigZag 0.005% to reflect each change graphically equal or greater upwards or downwards. In this way you can eliminate the noise of money considering only price changes in a certain minimum percentage. The strategy is very useful for people, like me, use a strategy based on Fibonacci and Elliott waves.
Hi Mladen and Mr Tools, I attached a zigzag indicator Free large file exchange service without size limits this indicator contains some stats like how many pips and candles each leg and ratio between the previous length of the leg.Is it possible for you to create an new seperate indicator containing how many pips and candles each leg and ratio between the previous length of the leg. Mr Linuxer there is a bug in TSD I can attach an indicator and I can not type it correctly.
Regarding attachments : try to set the enhanced attachment uploading in your CP->general setting to off (see the picture where you can change it). I have been told that since it is a flash application, sometimes the enhanced uploading will not work if flash is not the last version
Could I please have your professional opinion on this question from earlier:
Is it possible to have an arrow placed on the chart at the first moment a leg of this zigzag indicator appears?
Ever since I asked this a month ago I have been searching everywhere and still haven't found a solution.
Thanks a ton.
It can be done but that would make it repaint even more (since we can not reconstruct historically where that first moment would be). And if you place an arrow there and the leg disappears (since it can) and the reappears on some of the next bars you would have a lot of arrows all around the chart
Maybe this could be of some help.
Thank you mladen.
I have found that on the 2pip range chart, this indicator almost never repaints (1 in 40). Hence my interest in the arrows that show the first moment of appearance of a leg.
Would you be so kind to either add this functionality in, or at least give me some pointers as to where to start? Much appreciated in advance.
Please can you create a zigzag indicator WITH AN ADDITIONAL COLOR.
This additional color will ONLY SHOW WHEN THE NEW SWING OF THE ZIGZAG IS AT LEAST 200 % ( OR ANY SPECIFIED % ) OF THE PIP DISTANCE OF THE PRECEDING OPPOSITE SWING.
It will even be very useful if you create it based on user specified % INCREASE OR % DECREASE.
This will help in so many instances,e.g for fibonacci ,elliot wave and many other wave length related studies.
MANY THANKS IN ADVANCE.