Indicator displays on the graph Renko bars, builds on them ZigZag indicator – trend line connecting the local minima and maxima of the price movement and highlights on their basis Gartley patterns indicating potential price reversal point.
Renco – specialized mapping price movements in which the graph displayed on the bar every time slot, but only on condition that the price has passed over a predetermined number of points. Renko-bars are not tied to a time slot, so with the same efficiency indicator can work on any time frame.
ZigZag indicator in this implementation is based on two parameters – zzDev (minimum deviation as a percentage of the previous move) and zzBack (minimum quantity Renko bars formed in the direction opposite to the previous movement.
Patterns Gatrli allocated on the tops zigzag in accordance with a predetermined ratio. An example here is a vertex in the screenshot, the proportions – in the indicator parameters. The proportions specified in the default display, aim to increase the number of recognizable shapes and demonstrate performance indicator. You can enter more precise values for the detection of specific indicator figures. The indicator can be configured to recognize similar patterns of structure – Butterfly, Bat, Crab, White and Black Swan. The indicator shows the last-formed chart pattern on the chart.
Description indicator parameters
RenkoBar – size Renco bar in (automatically converted to 5-digit quotes);
CountBars – Renko number of bars displayed on the chart;
bearColor – the color of Bear Renko-bars;
bullColor – Renko color bull-bar;
hideBars – sign hide display of conventional bars on the graph;
zzDev – deviation from the previous motion as a percentage;
zzBack – deviation from the previous movement among Renko bars;
zzColor – color ZigZag lines;
zzWidth – thickness ZigZag lines;
AB_min, AB_max – setting AB / XA relations;
BC_min, BC_max – setting BC / AB relations;
CD_min, CD_max – Setup CD / BC relations;
AD_min, AD_max – Settings AD / XA relations;
patternBullColor – the color of bullish figures;
patternBearColor – the color of the bear figure;
useAlert – resolution warning pop-up window;
useMail – permission notification by e-mail;
useNotification – permission notification to the mobile device.
The indicator uses stochastic analysis of price movements, and for determining the entry zone in the deal. Depending on the settings, may show the formation of waves and their ending. Especially good inputs illuminates areas scalper transactions (zones 1 and -1 Fig.1 allocated to Cell 2 zones to M15). When used simultaneously for different frames or with heavy and light shows parameters with almost 90% chance of the entrance to the transaction (Figure 2 clarifies the entrance to the Cell to 5M frame in the first zone no entry M15).