What is the Zig Zag Indicator?
The Zig Zag indicator plots points on the chart whenever prices reverse by a percentage greater than a pre-chosen variable. Straight lines are then drawn, connecting these points. The indicator is used to help identify price trends. The ZigZag also gives you information about these moves’ Volume, Delta, Candlecount and Time.
Indicator view on chart:
To add and configure the indicator, you must open the settings window.
- Relative - calculated in percents
- Absolute - only absolute price value matters
Required Change - set value which has to be reached before the reversal.
Show value - display the value of the indicator on the price scale.
Show zero values- display zero values.
Scale - if this option is enabled, the scale will be automatically calculated based on the minimum and maximum values of the indicator in order for the indicator to fit on the chart.
Color - choose color.
Visual type - a visual setting of the indicator display on the chart:
- Up arrow
- Down arrow
- Axis label
Line style - set the type of the line display:
- Dash - dot
- Dash - dot - dot
Vertical offset - a value that indicates how far the indicator readings should be from the line’s bends in order to avoid overlapping.
Width - adjust the thickness of the indicator line.
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