ZigZag Leg Break

Get alerted (and see on the chart) when a zigzag leg break occurs!  

Indicator works in real time, alerting and cleanly displaying when price closes beyond the last high/low zigzag.  This is important to confirm a trend is evolving in a healthy manner:  

To confirm a trend is evolving in a healthy manner, not only do we need to see price moving higher/lower than its previous high/low, we also expect to see at least two closes beyond that high/low as further evidence that the market is accepting and building value.

Failure to see at least two closes may be a precursor to what’s often referred to as false breakout, and while the move still holds its merit to qualify as a new high/low in the cycle, the quality of the leg is poor in nature. 

For more info on validated zigzag legs and market structures, review the article:  How To Read Market Structures In Forex 

 

Indicator Features:

Works in real time, checking conditions at every bar close.

Alerts are triggered when 2 bars close beyond the last high/low zigzag.

Granular control of qualifying the 2-bar-close: 

  • Enter the threshold (in pips) to qualify closing beyond.
  • Select the method to qualify a zigzag break: 
    • ZigZag broken with any 2 closed bars
    • ZigZag broken with 2 closed bars (1 Bear, 1 Bull)

Customize the zigzag line color and style.

Customize the lines and arrows of when a zigzag is broken.

Use on any timeframe (M1 – Month).

Bonus:  Can easily be consumed in an Expert Advisor to use in a trade robot.


Rider Capital Group


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Day Trader Master is a complete trading system for traders who prefer intraday trading. The system consists of two indicators. The main indicator is the one which is represented by arrows of two colors for BUY and SELL signals. This is the indicator which you actually pay for. I provide the second indicator to my clients absolutely for free. This second indicator is actually a good trend filter indicator which works with any time frame. THE INDICATORS DO NOT REPAINT AND DO NOT LAG! The system is
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Multi timeframe ZigZag indicator. It displays the support/resistance horizontal lines and their breakouts, as well as draws the current targets of the market. It can also display lines of the Fractals indicator and candles from other periods (up to Quarterly). So, you can actually see the supply and demand levels. Indicator – connects key lows and highs to show trend lines. You can also use it as indicator for the Break of Structure(BOS) & Market Structure Shift(MSS). The indicator redraws the
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