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Zig Zag

Zig Zag Pointer is a powerful VertexFX client side VTL indicator that gives excellent entry and exit signals based on Fractal patterns.

A fractal High pattern is a candle whose high is greater than the Highs of adjacent candles. Likewise a fractal Low pattern is a candle whose Low is lower than the Lows of the adjacent candles. The idea behind fractal candles is that when a High is surrounded by candles with lower Highs, then there is a high probability that the market will change trend and turn bearish. Similarly, when the Low is surrounded by higher Lows, the price has stabilized and likely to stop falling. This signals a change from downtrend to uptrend.

The Zig Zag Pointer can identify these market turning points. In the first step we identify all fractal Highs and fractal Lows, from the oldest to the most recent.
In the second step, we ignore all fractal Highs that have a previous fractal High within DEPTH bars. Similarly we ignore all fractal Lows that have a previous fractal Low within the recent DEPTH bars.

This eliminates signals which are repetitive and generated by sideways movements in price. In the third step, we ignore all fractals Highs that are not above the previous fractal High by at least DEVIATION_POINTS points. Similarly, we ignore all fractal Lows that are not below the previous fractal Low by at least DEVIATION_POINTS points. This ensures that only strong trends, and breakouts are considered, and weak trends which failed to cross previous Highs or Lows are ignored.
The alternate Fractal Highs and Lows is the Zig Zag Pointer indicator.

 

BUY :
Place Buy position when a Buy arrow is displayed. Do not open Buy trade if the candle has opened with a gap-up.
SELL :
Place Sell postion when a Sell arrow is displayed. Do not open Sell trade if the candle has opened with a gap-down.
NOTE :
It should be noted that this indicator has a lag of 1 bar after which the BUY or SELL signal is drawn.

Usage

  • Download the attachment from vStore or directly from the vStore tab in your terminal by performing a right click on it and selecting Download & Install
  • Copy it to your company VertexFX Local VTL Files folder i.e. C:\Program Files\Company Name\vtl10\Local VTL Files\
  • Restart your Client Terminal or Right Click on "Local VTL Scripts" Tree Node to find the script.

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Flat Monthly Fees
$0
Volume Monthly Fees
$0
Hits
1600
Rating
On
17 November 2015
Attachment (Desktop)
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