Zigzag Price Arrows 1

The Zigzag Price Arrow indicator is an enhanced version of the classic Zigzag indicator, combining the traditional zigzag pattern with advanced visual features. It not only identifies major market turning points but also provides clear trading signals through:

• Directional arrows: Displays colored arrows (green for buy, magenta for sell) indicating potential trend directions.
• Price labels: Shows the exact price values at each pivot point directly on the chart.
• Improved visual clarity: Makes it easier to identify support and resistance levels.

Key Features:

• Traditional Zigzag line drawing

• Arrow signals indicating upward and downward movements

• Real-time price display at pivot points

• Customizable settings (Depth, Deviation, Back Step)

• Adjustable text colors and font sizes

How to Use:

• Green downward arrows: Indicate potential buying opportunities at formed swing lows.

• Magenta upward arrows: Indicate potential selling points at formed swing highs.

• Price labels: Help identify important support and resistance levels.

Input Parameters:

• Ext Depth: Zigzag depth setting (default: 12)

• Ext Deviation: Minimum price deviation (default: 5)

• Ext Back Step: Back-step setting (default: 3)

• Label Color: Text color for price labels

• Label Font Size: Font size for price readings

• Arrow Offset: Vertical offset for arrows (in points)

Dear trader, I would be very happy to receive your feedback and suggestions about this indicator.

Disclaimer: This indicator is an analytical tool only. Trading decisions are your sole responsibility, and there is a possibility of losing capital.