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Auto ZZ SR Indicator
- This indicator automatically draws trend lines using ZigZag top and bottom points. The more ZigZag tops/bottoms that are used, the greater the number of possible combinations. Therefore, the more possible trend lines can be drawn. And vice versa too. The fewer ZigZag tops/bottoms that are used, the lower the number of possible combinations. And therefore, the fewer the possible trend lines can be drawn. The indicator constantly updates the trend lines on the chart as the market progresses. The indicator will work on any type of account, account #, or chart. All settings are adjustable.
Settings:
- # of ZZ Tops/Bottoms – The number of ZZ tops/bottoms in the past that will be used for drawing the trend lines. The higher this number, the higher the possible combinations will be considered. Which means the more support/resistance lines will be drawn.
- Support Color – The color of the support trend lines.
- Resistance Color – The color of the resistance trend lines.
- ExtDepth, ExtDeviation, ExtBackstep – These are standard ZigZag indicator settings.
Notes:
- The ZigZag indicator will not be shown by default. However, the ZigZag indicator can be drawn on the chart if you want. To do this, simply choose a color in the ‘Color’ tab.
- IMPORTANT: Check out our site using the link in my profile to find other FREE indicators and EAs!
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