Trend Monitor VZ MT5
- Indicators
- Sergey Ermolov
- Version: 1.2
- Updated: 26 September 2023
- Activations: 5
The Elliott Wave Theory is an interpretation of the processes in the financial markets, which is based on the visual model of waves on the price charts. According to this theory, we can know exactly which trend is prevailing on the market now, upward or downward. The Valable ZigZag Indicator shows the wave structure of the market, as well as indicates the direction of the main trend at the moment on the current timeframe. For your convenience, the Trend Monitor VZ Indicator will display the trend direction on a chart for all timeframes, for the entire list of currency pairs that you trade.
Get an overall picture of the state of the market for all instruments on a single chart to make the right trading decisions!
The Valable ZigZag Indicator is very stable and does not often change direction like the classic ZigZag, confusing traders. This is achieved by using fractals for plotting the waves of the indicator.
The Valable ZigZag Indicator is first and foremost a trend indicator. It sets the main direction in which the trader should trade, and the Trend Monitor VZ Indicator gives a general idea of what is happening with the market at the moment.
For example:
If the indicator in all timeframes of the EURUSD pair shows the arrows upwards, it indicates a strongly established upward trend. It is too late to enter the market, because most likely the market has already passed enough points and there is a possibility of a local correction. In case the higher timeframes show an upward trend and the lower timeframes show a downward trend, we can look for an entry point in the direction of market movement on the higher timeframes.
Have a look at how the Valable ZigZag Indicator is used in the trend trading strategy Owl Smart Levels. And you can use the Trend Monitor VZ Indicator as a signal indicator to start looking for entry points in the direction of the global trend.
- Have a look at the weekly trade reviews by clicking on the link >>
The basic indicator on which the main logic is tied is the Full Fractals Indicator, that is why there are only 2 main settings in external variables:
- Candles on the left - determines the number of bars on the left to build a fractal
- Candles on the right - determines the number of bars on the right to build a fractal
Use the Trend Monitor VZ Indicator in order to always follow the global trend in your trading, and see a cross-section of the market for all instruments at all timeframes on a single chart.
I'm Sergei Ermolov, subscribe to my updates!
I use this indicator in order to narrow down the market each day. It gives me a very good overview and saves me a ton of time. The indicator is very stable and reliable and works based on fundamental market behavior. Highly recommended!