Peak Trough evaluation is a great instrument for detecting peaks and troughs on a chart. Peak Trough evaluation can use three different peak and trough detection calculations. These three algorithms include Bill Williams ‘ first Fractals index, the altered Fractals indicator, and the ZigZag indicator. You can use this peak and trough analysis tool to detect patterns composed by an Equilibrium Fractal-Wave procedure. For further use, there is a good guide to using this tool for analyzing peaks and troughs in chapter 11 of the book “Introduction to Price Action and pattern Trading” (“Introduction to Price Action and pattern trading”). This is a free utility, you can use this powerful tool for your own purposes at your own risk.
You can use it in three modes.
- Mode 1: Bill Williams Fractals Indicator
- Mode 2: Modified Fractals indicator
- Mode 3: Zig Zag indicator
To use the algorithm based on the modified Fractals indicator, set “Use Modified Fractals” = true.
To use the algorithm based on the Zig Zag indicator, set “Modified Fractals” = false.
To use the algorithm based on Bill Williams ‘original Fractals indicator, set” Use Modified Fractals ” = true. Set N left = N right = 2.
1. Settings of the Modified Fractals
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- N left – N = number of bars counted to the left
- N right – N = number of bars counted to the right
2. Zig Zag Settings
Use the default settings if you are not familiar with the ZigZag indicator.
- ZigZag Depth – the depth of the zigzag
- ZigZag deviation – deviation of the Zigzag
- ZigZag Backstep – number of bars in the history
3. General Settings
- Arrow Shift-in Pixels – shift of arrows in pixels, default is 10
- Use White Background Chart – use white background Chart, true/false
- Enable sound alert-enable sound alerts, true/false
- Send email if peak or trough is found – send email alerts when a peak or trough is found, true/false
- Send notification if peak or trough is found – send notifications when a peak or trough is found, true/false
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