Bollinger Bands or Bollinger Bands (BB) is a channel indicator that has a serious drawback. It
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The Zig Zag indicator is a useful gizmo in relation to visualizing previous underlying traits within the value and might make the method of utilizing drawing instruments simpler. The indicator consists of a sequence of traces connecting factors the place the worth deviates greater than a particular proportion from a most/minimal level in the end connecting native peaks and troughs.
The proposed indicator estimates peaks and troughs by utilizing rolling maximums/minimums with a window dimension figuring out their significance. This window dimension method permits us to have an indicator that works with a sure regularity irrespective of the size of the worth, one thing the percentage-based method struggles with.
Moreover, one higher and decrease extremity are displayed, highlighting the worth level that deviates essentially the most from the Zig Zag traces.
1. Settings
- Size: Determines the importance of the detected peaks and troughs.
- Prolong To Final Bar: Prolong the latest line to the latest closing value worth.
- Present Extremities: Shows the extremities.
- Present Labels: Show labels highlighting the excessive/low costs situated at peaks and troughs.
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- Higher Extremity Coloration: Coloration of the higher extremity displayed by the indicator.
- Zig Zag Coloration: Coloration of the ZigZag traces.
- Decrease Extremity Coloration: Coloration of the decrease extremity displayed by the indicator.
2.1 Extremities
The novel method taken by this Zig Zag indicator is the addition of two extremities derived from the gap between the worth and the Zig Zag line, thus returning channels. It’s unusual seeing extremities in Zig Zag indicators because the line connecting peaks and troughs has not often another utility than seeing development variations with extra readability and isn’t meant to supply an correct estimate of underlying native traits within the value.
This channel may be helpful to check the potential relationship between underlying traits and the Zig Zag line. A low width between the Zig Zag and the higher extremity signifies value variations principally situated under the Zig Zag whereas equal width signifies extra linear traits.
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