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Dynamic Zigzag Levels

The indicator displays two nearest levels in real time. The one above the current BID price is a resistance level. The one below the current BID price is a support level.

The levels are calculated by the standard ZigZag indicator.


Application

The indicator can be used as an assistant in manual trading to obtain data on the nearest support/resistance levels.

The indicator can be used on any timeframe.

When a displayed level is touched or broken through, an audio alert is triggered (specified in the settings).


Settings

  • The period of history to calculate = 500 - history period, within which the levels (in bars) are searched for
  • Depth - the setting indicator zigzag = 12 - ZigZag indicator parameter
  • Deviation - the setting indicator zigzag = 5 - ZigZag indicator parameter
  • Backstep - the setting indicator zigzag = 3 - ZigZag indicator parameter
  • The color of the line Up = SteelBlue - Up line color
  • The color of the line Dn = SteelBlue - Dn line color
  • An audible signal to the level crossing = false - enable the level crossing audio alert
  • Sound File = "alert.wav" - select a sound file for the audio alert
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Version 1.10 - 2016.05.06
A new parameter in the indicator settings:
- use the latest floating point of the ZigZag indicator (Yes/No)?