ExtremeTrend is a modification of the popular ZigZag Pointer indicator. This version implements the idea that two consecutively rising Lows are an uptrend, and two consecutively falling Highs are a downtrend. The indicator analyzes the local extremes. If the new Low is higher than the previous one, a buy signal is generated; if the new High is lower than the previous one, a sell signal is generated. Another feature is the ability to analyze the ZigZag values from a higher timeframe. It works on any currency pairs and any timeframes.
- Time Frame - timeframe to read the indicator values. You can set a higher timeframe than the current one. In that case, the signals are more rare but more accurate.
- ZigZag_Depth - parameter of the ZigZag indicator. This is the lowest number of points between the extreme points (Highs and Lows) of two adjacent candles for forming a local bottom or top (in %).
- ZigZag_Deviation - parameter of the ZigZag indicator. Define the interval or number of candles after a previous indicator's extreme point, at which no search for a new extreme point is performed.
- ZigZag_Backstep - parameter of the ZigZag indicator. This is the minimum value of the number of candles between all local extreme points (Highs or Lows).
- ShowAlert - enable alerts (yes/no).
- SendPush - send push notifications (yes/no).
- SendMailInfo - send notification to email (yes/no).