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ZigZag Leg Break

Get alerted (and see on the chart) when a zigzag leg break occurs!  

Indicator works in real time, alerting and cleanly displaying when price closes beyond the last high/low zigzag.  This is important to confirm a trend is evolving in a healthy manner:  

To confirm a trend is evolving in a healthy manner, not only do we need to see price moving higher/lower than its previous high/low, we also expect to see at least two closes beyond that high/low as further evidence that the market is accepting and building value.

Failure to see at least two closes may be a precursor to what’s often referred to as false breakout, and while the move still holds its merit to qualify as a new high/low in the cycle, the quality of the leg is poor in nature. 

For more info on validated zigzag legs and market structures, review the article:  How To Read Market Structures In Forex 

 

Indicator Features:

Works in real time, checking conditions at every bar close.

Alerts are triggered when 2 bars close beyond the last high/low zigzag.

Granular control of qualifying the 2-bar-close: 

  • Enter the threshold (in pips) to qualify closing beyond.
  • Select the method to qualify a zigzag break: 
    • ZigZag broken with any 2 closed bars
    • ZigZag broken with 2 closed bars (1 Bear, 1 Bull)

Customize the zigzag line color and style.

Customize the lines and arrows of when a zigzag is broken.

Use on any timeframe (M1 – Month).

Bonus:  Can easily be consumed in an Expert Advisor to use in a trade robot.


Rider Capital Group


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FX Levels: Exceptionally Accurate Support & Resistance for All Markets Quick Overview Looking for a reliable way to pinpoint support and resistance levels across any market—currencies, indices, stocks, or commodities? FX Levels merges our traditional “Lighthouse” method with a forward-thinking dynamic approach, offering near-universal accuracy. By drawing from real-world broker experience and automated daily plus real-time updates, FX Levels helps you identify reversal points, set profit targe
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