FourXXXX wrote: ↑
Mon Oct 18, 2021 4:41 pm
Some of you may find this indicator useful that I have been working on. It is not based on Xard's rules, just on the ZZ.
Feel free to offer improvement suggestions.
I just realized the extension values will change once a new ZZ draws so I will need to add another set of levels.
It draws 2 lots of Fibonacci levels based on the ZZ swings. The first levels are standard Fibs for retracements. The second lot is extension levels based on the second last ZZ leg which are used for take profit.
The settings are correct for M5, if you want to use it on M15 change Extdepth to 36.
With some input from Xard I have now got the indicator working as I expect. Still, if you find something not right please let me know.
There are now 3 sets of Fibs, first is your basic retracement of the last ZZ line, second is the extension on the current move away from the last ZZ line, third is showing extensions of the current ZZ Line. I had to add this as the extensions changed before on the new ZZ.
ExtDepth is correct out of the box on either M5 or M15 chart plus added the ability to turn off the lines if you don't want them.
The Green levels show where the current White ZZ line may end and possible take profit levels as shown in the video.