The ZigZag Percent indicator connects swing points if difference in prices exceeds given percentage. A high swing point is a bar which price is greater than that of the previous and the following bar; conversely, a low swing point is a bar which price is lower than that of the previous and the following bar.
Features and Parameters:
- ZigZag_Percentage: ZigZag Percentage factor, if sets to 0, it will only use ATR.
- ATR_Period: # of bars ATR in a defined time period.
- ATR_Factor: ATR factor, if sets to 0, it will only use percentage.
- FontSize: font Size of the zigzag percentage.
- TextColor: Color of the zigzag percentage.
- OutlineColor: Text box outline color of the zigzag percentage.
- AreaColor: Text box fill color of the zigzag percentage.
- AreaOpacity: Level of transparency for the fill color. Valid between 0 – 10. (0 = completely transparent, 10 = no opacity)
How to use:
If you want to filter out minor market moves, such as price change less than 0.2%, then you can set ZigZag_Percentage to 0.2. The indicator will highlight all swing points that are greater than 0.2%.
If you want to add any feature to this indicator, please send us a Customization request.
