Dynamic Zigzag Levels

The indicator displays two nearest levels in real time. The one above the current BID price is a resistance level. The one below the current BID price is a support level.

The levels are calculated by the standard ZigZag indicator.

Application

The indicator can be used as an assistant in manual trading to obtain data on the nearest support/resistance levels.

The indicator can be used on any timeframe.

When a displayed level is touched or broken through, an audio alert is triggered (specified in the settings).

Settings

• The period of history to calculate = 500 - history period, within which the levels (in bars) are searched for
• Depth - the setting indicator zigzag = 12 - ZigZag indicator parameter
• Deviation - the setting indicator zigzag = 5 - ZigZag indicator parameter
• Backstep - the setting indicator zigzag = 3 - ZigZag indicator parameter
• The color of the line Up = SteelBlue - Up line color
• The color of the line Dn = SteelBlue - Dn line color
• An audible signal to the level crossing = false - enable the level crossing audio alert
• Sound File = "alert.wav" - select a sound file for the audio alert