It is easy to understand and apply. It will give signals when price change exceeds per-defined percentage within any period of time.This indicator works in the same way as the 3 Level ZZ Semafor in MT4.
The main difference between the two is that TOS version plots arrows instead of circles.
The calculation is based on ZigZag algorithm.
ZigZag plot connects swing points if the difference between their prices exceeds specified value which is equal to pre-defined percentage of price change plus Average True Range (ATR) multiplied by a factor.
Note that the last segment of the plot can change its direction drastically as a considerable future market move might occur. (source: Thinkorswim)
Features:
- Three user-defined periods, you can set them as short, medium and long.
- Three user-defined percentages to represent three periods, respectively.
- Three alerts, when a signal is triggered, you will get a sound alert and a text message.
- Three different sizes arrows for both upward and downward. You can also change them to other sharps.
- Six different colors for each of the arrows.
How to use:
if you use this indicator on a daily chart, and have the following settings:
| percent1=1.0; percent2=1.5; percent3=2.0; |
period1=5; period2=10; period3=20; |
You will get signals like this:
if you use this indicator on a 5 mins chart, and have the following settings:
| percent1=0.2; percent2=0.5; percent3=1.0; |
period1=5; period2=10; period3=15; |
You will get signals like this:
It works on any time frame(Tick, Minutes, Daily, Weekly, Monthly) and all markets(Stocks, Futures, Forex, Options,ETF, etc.)
recommended settings:
Intraday:
percent1=0.2;
percent2=0.5;
percent3=1.0;
period1=5;
period2=10;
period3=20;
Daily:
percent1=1.0;
percent2=1.5;
percent3=2.0;
period1=5;
period2=10;
period3=20;
Weekly:
percent1=2.0;
percent2=5;
percent3=10;
period1=5;
period2=10;
period3=26;
If you want to add any feature to this indicator, please send us a Customization request.
Why don’t you code it so that it detects the current timeframe and adjusts the parameters automatically?
Hi
Because there is no such a set of inputs will satisfy all traders’ needs.
Especially the percentages, some people prefer small amount and others like bigger amount.
The recommended settings are just for people who never used this kind of indicators.
Experienced traders can ignore it.
The auto detection can be done by a customized version, just let me know if you are interested in it.
I have two questions..
1-Is these signals repainting ?
2-Does the signal come on the same bar immediately or it will appear after one or to bars ?
1. only the last signals repainting
2. signal come on the same bar immediately
Do you have a clip of it working live?
It’s similar to this https://www.youtube.com/watch?v=puMk69ly3LE