Description
The ZigZagTrendSign study is used for confirmation of signals suggested by ZigZagSign study. It produces values equal to +1 until a decline greater than specified offset from the previous swing point has occurred; values equal to -1 continue until a rise greater than specified offset from the previous swing point has occurred.
Use positive parts of the ZigZagTrendSign plot for confirmation of uptrend sections of ZigZagSign study, and negative parts for confirmation of the downtrend sections. Note that it can be especially useful for the last segment of the ZigZagSign study.
Input Parameters
| Parameter | Description |
|---|---|
price
|
The price used to calculate swing points. |
reversal amount
|
The threshold price offset. Market moves greater than this value trigger study plot from +1 to -1 and vice versa. |
Plots
| Plot | Description |
|---|---|
ZZT$
|
The ZigZagTrendSign plot. |
Example*
*For illustrative purposes only. Not a recommendation of a specific security or investment strategy.