PZ Day Trading MT5
The Day Trading indicator detects price reversals in a zig-zag fashion, using only price action analysis. It has been specially designed for scalping intraday charts, without repainting or backpainting at all.
- Amazingly easy to trade
- Chart statistics will help you to optimize your trading
- It works on every single timeframe without fine tuning
- The indicator is non-repainting and implements alerts
- It implements a multi-timeframe dashboard
- It implements email/sound/visual alerts
Based on breakouts and congestion zones of variable lengths, the indicator uses only price action to pick trades and reacts to the market extremely fast.
- The potential profit of past signals is displayed
- The indicator analyzes its own quality and performance
- Losing signals are not hidden, but highlighted and accounted
Every parameter not listed below is related to display options only and is self-explanatory.
- Range: minimum amount of bars to form a breakout
- Filter: minimum price distance filter between opposite breakouts
- Max History Bars: max amount of past bars to evaluate when the indicator loads
- Dashboard: show or hide the MTF dashboard
- Statistics: show or hide stats dashboard
How to interpret the stats
The indicator studies the quality of its own signals and plots the relative information on the chart. Every trade is analyzed and the overall historic results are displayed at the top-left corner of the chart, which allows you to optimize the indicator parameters by yourself for any given instrument and timeframe. Each instrument and timeframe will have its own optimal settings, which you can find by yourself.
- Maximum Favorable Excursion (MFE)
The MFE is the best possible outcome for any given trade.
- Maximum Adverse Excursion (MAE)
The MAE is the worst possible outcome for any given trade.
- Average Absolute Expectancy (AAE)
The AAE is the absolute excursion you can expect for any given trade, obtained by subtracting the MAE from the MFE, which reflects the true quality of the entry strategy. In other words, the entry strategy is measured by the relationship between the average best possible outcome and the average worst possible outcome for all the trades displayed.
- Losing Trades
Losing trades are not hidden, but highlighted with a red cross and accounted. Looking at them regularly might help you to avoid losing patterns in the future.
Confirmation of trades
Kindly consider using Support and Resistance levels to confirm trades.
What this indicator is not
- It is not a complete trading system
- It is not an automated trading system
- It is not an always-in-market indicator
- It does not display exit points
Arturo López Pérez, private investor and speculator, software engineer and founder of Point Zero Trading Solutions.