The indicator is based on two buffer ZigZag indicators that require no external settings, as well as a proprietary development regarding the formation of two types of channels: a channel of Buys and a channel of Sells. Respective buy and sell areas are formed inside each of them, they are marked by individual colors, allowing the user to clearly identify the current trade direction. The procedure for determining Buy and Sell patterns is the following:
- Areas overlap — trade in the direction of the "SUPPORT" or "RESISTANCE" levels breakthrough.
- The last formed is the Sell area, and "RESISTANCE", as well as the Sell area are above the buy area — buy from the support level.
- The last formed is the Buy area, and "RESISTANCE", as well as the Sell area are above the buy area — sell from the resistance level.
The Buy and Sell areal constantly approach each other in flat and move away from each other in trend. The indicator has the "LAST" level that follows the last formed area and marks its important level for aggressive trading in case of its breakthrough. Breakthrough here is candlestick closure above (below) the level. The indicator well identifies the direction of trade in all cases. The indicator can be used independently or in combination with other indicators. To better understand how it works, it has marks of the respective colors on the levels where "SUPPORT" or "RESISTANCE" were set.
- MinBars — the number of bars used for the indicator calculation (0 — all bars of the current timeframe by default);
- color_ZIG — ZigZag color;
- width_ZIG — the line width of ZigZag;
- resistance — the color of the resistance line;
- support — the color of the support line;
- line width — the width of the lines of the support and resistance levels;
- last_swing — last swing level;
- sliding_channel — drawing of channels and Buy/Sell areas is enabled by default;
- sliding_channel_resistance — the color of the channel and the Buy area;
- sliding_channel_support — the color of the channel and the Sell area;
- channel width — channel line width;
- Fill color box — rectangles are color filled by default.
To ensure effective operation using the indicator, you need to master position opening and closing on a demo account. Constructive suggestions and feedback are highly appreciated.