Triple Zig Zag Forecast Projection
- Indicators
- Version: 2.0
- Updated: 8 May 2020
- Activations: 5
This indicator displays three forecast projections of the last market swings based on the Zig Zag indicator.
Price action moves very often according to what happened in the near past, the indicator displays the price pattern that the market will possibly follow. Both short and long patterns are displayed in the chart with an indication of the target price level.
If multiple projections overlap or almost overlap, then the next price movement becomes very likely. In this case it's a ranging market that will probably continue to range with the same amplitude. The judgement is still for the trader to make, the indicator is no guarantee but very often the indicator gives a good prediction of the next price action, especially when the projections overlap.
It will give in any case always a very good indication of the short future market range.
Also in a trending market the same market swings are repeated very often.
The first projection is a mirror of the last maket action. The last leg of the Zig Zag indicator is mirrored twice.
The second projection is the last market price swing.
The third projection is the previous market price swing.
The choice which projection to display, as well as the display color is available in the parameters.
There is also a price target level that can be configured as a percentage of the pervious move.
By default it is set to 85%.
The default Zig Zag depth is 12, but can be changed in the parameters.
I use this indicator in the short time frames and I trade it with small positions that I can average up/down. This strategy in combination with this indicator is very profittable on the EUR/USD forex pair but can also be applied to other forex pairs, indices or any other instrument.
Please note that this indicator does not guarantee any profit, but toghether with common sense of the trader, it's a very good indicator for the next price action and if not, the future market range, no-nonsense, simple and clear.
There is a demo version of this indicator available to use in Strategy tester.
You will immediately notice the use and the effectiveness of this indicator, watch the video (EURUSD-ECN forex pair).
Thanks for sharing, if you are happy please leave a positive review and a comment
Don't hesitate to contact me for support, issues or in case you are not happy.
IMPORTANT : Some calculations are based on the default Zig Zag indicator, which should be present in the root indicators folder.
