Auto ZZ SR Indicator

Auto ZZ SR Indicator

  • This indicator automatically draws trend lines using ZigZag top and bottom points. The more ZigZag tops/bottoms that are used, the greater the number of possible combinations. Therefore, the more possible trend lines can be drawn. And vice versa too. The fewer ZigZag tops/bottoms that are used, the lower the number of possible combinations. And therefore, the fewer the possible trend lines can be drawn. The indicator constantly updates the trend lines on the chart as the market progresses. The indicator will work on any type of account, account #, or chart. All settings are adjustable.


Settings:

  • # of ZZ Tops/Bottoms - The number of ZZ tops/bottoms in the past that will be used for drawing the trend lines. The higher this number, the higher the possible combinations will be considered. Which means the more support/resistance lines will be drawn.
  • Support Color - The color of the support trend lines.
  • Resistance Color - The color of the resistance trend lines.
  • ExtDepth, ExtDeviation, ExtBackstep - These are standard ZigZag indicator settings.


Notes:

  • The ZigZag indicator will not be shown by default. However, the ZigZag indicator can be drawn on the chart if you want. To do this, simply choose a color in the 'Color' tab.
  • IMPORTANT: Check out our site using the link in my profile to find other FREE indicators and EAs!

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The indicator is built on a non-standard Zig Zag, it draws accumulations after which if the price leaves this zone and a test of this zone occurs, then a sound signal is given and an arrow appears - after the test candle closes.The indicator does not redraw its signals, it is very easy to use, there are only three settings 1- this is the zig zag parameter 2- this is the minimum price exit from the zone 3- this is the maximum price exit from the zone. The lower the parameter for Zig Zag, the more
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