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, see this article: How To Read Market Structures In Forex
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.