3 Level ZigZag Session High Low Indicator for Thinkorswim TOS
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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 the ZigZag algorithm.
ZigZag plot connects swing points if the difference between their prices exceeds a specified value which is equal to the 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)
Please make sure you understand the mechanism of zigzag before purchase this indicator.
If you want to add any feature to this indicator, please send us a Customization request.
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