ZigZag on average
This is a well-known ZigZag indicator. But it differs by the fact that its plot is based on values of the middle line which is set by a user.
It can display Andrews’ Pitchfork and standard or Bobokus Fibo levels. NO REPAINTING.
- Period МА — middle line period. Default value is 34. Minimum value is 4. Maximum value is set at your discretion.
- Used to calculate price - base price to calculate the middle line.
- The averaging method - method of smoothing the middle line.
- Turning pitchfork — enable (true) or disable (false) Andrews’ Pitchfork.
- PitchColor — Andrews’ Pitchfork color.
- Inclusion levels Fibo — enable (true) or disable (false) Fibo levels.
- Installing Fibo Bobokus levels — enable Bobokus Fibo levels (true) or enable standard Fibo levels (false).
- Distance to turn Fib levels Bobokus — distance in points between spots of the last movement to visualize Bobokus Fibo levels.
- Color Fibonacci zone — Bobokus Fibo levels color.
- switch (OFF) display support and resistance levels - enable (disable) support and resistance lines.
- switch (OFF) display channels support and resistance - enable (disable) support and resistance channels.
You can also adjust the color scheme and line width here. I would like to mention special aspects of plotting channels and lines of support and resistance.
They appear only where the trend changes its direction, so they can be really useful when searching entry and exit points.
Take note of "traces" of previous channels, which are displayed as short trend lines on tops (bottoms) of the zigzag. This indicator will give you confidence when executing trades.