This indicator detects price reversals in a zig-zag fashion, using only price action analysis and a donchian channel. It has been specifically designed for short-term trading, without repainting or backpainting at all. It is a fantastic tool for shrewd traders aiming to increase the timing of their operations.
Based on breakouts and congestion zones of variable lengths, the indicator uses only price action to pick trades and reacts to what the market is doing very fast.
The potential profit of past signals is displayed
Amazingly easy to trade
It provides value on every timeframe
It implements self-analysis statistics
It implements email/sound/visual alerts
The indicator analyzes its own quality and performance
Losing breakouts are highlighted and accounted for
The indicator is non-backpainting and non-repainting
This indicator will help intraday traders not to miss a single price reversal. However, not all price reversals are created equal nor have the same actionable quality. Deciding which breakouts to trade and which to ignore depends on the good judgement of the trader.
Max History Bars: The amount of past bars to evaluate when the indicator loads. Decrease this value to speed up loading of the indicator.
Dashboard: Enable or disable the multi-timeframe dashboard widget.
Statistics: Enable or disable the statistics widget. Use the stats to find the best parameters for each symbol and timeframe. Incrementally change the input parameters of the indicator until you find the higher accuracy and expectancy possible.
Filter: The function of the filter is to separate alternative signals from each other, using a donchian channel and a multiplier of the price range it creates. A higher filter will decrease the amount of signals in the chart but, in average, increase the maximum favorable excursion.
Display boxes: Display or hide the colored boxes around the breakout price range.
Range: The range is the minimum amount of bars broken to consider a breakout valid and draw a signal. As you go down in timeframes, you need to increase this parameter. For example, to trade monthly charts a range of five is good, but to trade H1 charts you would need a range of at least 20-25 bars.
Fill boxes: Choose wether the inside of the breakout box is filled with color.
Trade Analysis: Enable or disable the individual trade analysis in the chart.
Alerts: Enable display/email/push/sound alerts for breako
Indicator Name : PZ DAY TRADING
Time Frame : any
Pairs : any
Martingale : ✖
Hedge : ✖
Long Term : ✅
Source : ✖
MT4 : ✅
Version : PRO
file size : 126 kb
For more information, you can click on the links below.