Recruitment of participants 3 Level ZigZag Session High Low Indicator

3 Level ZigZag Session High Low Indicator

This indicator is best used to highlight important chart patterns and confirm possible trend reversals.

It is easy to understand and apply. It will give signals when price change exceeds per-defined percentage within any period of time.

This indicator works in the same way as the 3 Level ZZ Semafor in MT4.
The main difference between the two is that TOS version plots arrows instead of circles.

The calculation is based on ZigZag algorithm.
ZigZag plot connects swing points if the difference between their prices exceeds specified value which is equal to pre-defined percentage of price change plus Average True Range (ATR) multiplied by a factor.
Note that the last segment of the plot can change its direction drastically as a considerable future market move might occur. (source: Thinkorswim)

Features:

1. Three user-defined periods, you can set them as short, medium and long.
2. Three user-defined percentages to represent three periods, respectively.
3. There are three different arrow sizes, small, medium and large.
4. Three alerts, when a signal is triggered, you will get a sound alert and a text message.
5. Three different sizes arrows for both upward and downward. You can also change them to other sharps.
6. Six different colors for each of the arrows.

How to use:

if you use this indicator on a daily chart and have the following settings:
percent1=1.0;
percent2=1.5;
percent3=2.0;
period1=5;
period2=10;
period3=20;

small arrow corresponds to input percent1 and period1;
medium arrow corresponds to input percent2 and period2;
large arrow corresponds to input percent3 and period3;

You will get signals like this:



if you use this indicator on a 5 mins chart, and have the following settings:
percent1=0.2;
percent2=0.5;
percent3=1.0;
period1=5;
period2=10;
period3=15;

You will get signals like this:



It works on any time frame(Tick, Minutes, Daily, Weekly, Monthly) and all markets(Stocks, Futures, Forex, Options,ETF, etc.)

recommended settings:

Intraday:
percent1=0.2;
percent2=0.5;
percent3=1.0;

period1=5;
period2=10;
period3=20;

Daily:
percent1=1.0;
percent2=1.5;
percent3=2.0;

period1=5;
period2=10;
period3=20;

Weekly:
percent1=2.0;
percent2=5;
percent3=10;

period1=5;
period2=10;
period3=26;