Ultimate ZigZag helps traders determine the position of each swing within the overall market cycle, identify Support and Resistance areas between each Swing High/Low, and find potential reversal patterns like head and shoulder tops and double bottoms. Momentum traders might enter positions once the trend direction is confirmed or exit positions once the trend confirms the opposite direction. For example, a trader holding a long position would not close the position until the ZigZag line turns to the downside.
Instead of using a minimum price change to calculate zigzag Highs and Lows, Ultimate ZigZag uses the Highs and Lows of a period of prior bars to determine new swings. This make it very easy to identify the reversal price in order to create a new zigzag line in the opposite direction.
- Option to require bar to close above or below the pivot high to establish a new swing.
- Display text for pivot price, swing range in ticks, cumulative volume per swing, total number of bars per swing and time of pivot .
- Display dots at pivots, color background based on trend direction, and box each zigzag leg.
- Show reversal price that will establish a new leg.
- Draw Fibonacci retracements on zigzag legs with a range greater than the user-defined minimum.
- Developing zigzag High/Low and reversal.
- Color schemes based on Price Action, Trend, Solid colors.
- Highlight swing pivots.
- Create a channel connecting pivots.
- Color bars based on Trend.
- Market Analyzer, Strategy Builder, and SuperDOM ready.
Available for NinjaTrader 8