Automation of many constructions, including even such simple, as the construction of channels, determining the trend (higher highs / lower lows) or, finally, the use of nets Fibonacci, requires the allocation of “pure motion”, that is, pass rates from the local minimum to the local maximum and from a local maximum to a local minimum.
Earlier me a simple search algorithm was proposed by the local maxima and minima, implemented in the indicator Simple ZigZag. The main difference from the display Simple ZigZag regular analog is much more simple and fast algorithm, as well as setting a single parameter – the depth of a typical correction.
ZZLevels indicator is the development of the idea of automating analytical constructs on the basis of a zigzag. In particular, in the present display it implements a simple trading range limits search algorithm, as well as support and resistance levels.
The following parameters are used to configure the display:
- Number of ZZ points analyzed – number of non-zero values Simple ZigZag indicator buffer, analyzed algorithm (essentially search depth levels in the indicator’s history). Use this option in order to find long-lived levels.
- Number of times the price touches the level – the amount of touches the level of the price chart. It is known that more than the price for the level, the more important this level for technical analysis.
- High / Low max. deviation around level – this parameter determines the level of accuracy. Since the price can “pierce” the level of a few points, or turn right in front of them, the user must set the precision with which the service a light touch level.
- Typical retracement size – the size of a typical correction – parameter indicator inherited a legacy of the “parent” – Simple ZigZag.
In its current form the indicator still can not be used for automated trading at the same time it perfectly illustrates the idea of automating graphic constructions of technical analysis on the basis of a simple algorithm based on finding local maxima and minima. In addition, it helps to find the boundaries of the ranges, and support / resistance levels in the “manual” trade.
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