Chart Projection will project two calculated market moves onto the chart based on averaging calculations performed utilizing ZigZag basic indicator. Apart from target prices, the estimated time for these moves is included in the projection.
Set: A set is a pair of any two ZigZag points, high or low. In the indicator inputs, you will be offered to enter the desired Sets value for the calculations. The default is 3, based on the idea we are trying to gauge how the latest market participants behave.
Auto Calculation: If it is on, it will re-calculate the projection when a new ZigZag point emerges. If it is off, it will re-calculate every time you change timeframe or reload it.
Skip: Skip value default is 0. Use this value if you want projections based on the latest data. To test historic performance, you can adjust the skip value. 1 skip point equals to 1 ZigZag point offset toward the past. For example, if you wish to see what the projection would be 10 ZigZag points ago, set the skip value to 9 and the indicator will act as if the 10th ZigZag point is the latest.
- You can adjust projection colors.
- You can adjust the size of the target points.
- You can adjust the ZigZag settings.
- You can set the timeframe used for the calculations.