best zig zag indicator for tradestation 9.5

The indicator is designed to help traders maintain a profitable market position throughout a sustained trend. By filtering minor price movements, the indicator makes trends easier to spot in all time frames. It eliminates random price fluctuations and attempts to show trend changes. The Zig Zag indicator creates swing lines on a chart, which can be used to identify price trends. In essence, its ability to filter out insignificant price swings that occur within an overall trend is important to analysts. Moreover, it makes chart patterns such as double bottoms, double tops, and head and shoulders easy to be identified. It also shows the important historical highs and lows you can use to draw lines to identify Fibonacci projections and retracements. However, in as much as the indicator is not predictive, it is still very useful, as it can be used in many ways, such as counting Elliott waves, where it is often used to determine the positioning of each wave in the overall cycle. While it can delineate key past price swings of securities, it cannot be used to forecast the next swing highs and swing lows. It is not predictive in any way - only based on hindsight. The Zig Zag indicator is good only for analyzing historical data to spot existing patterns and trends. It is a good trading indicator for any trader who follows indicators that use swing highs and swing lows. This helps to show the price waves that should be counted when performing the Elliot Wave Analysis. By determining the support and resistance areas, it helps to identify significant changes in price while filtering out short-term fluctuations. Since it can be used to identify support and resistance price levels in a market, the indicator is often employed with Elliott Wave Analysis to help identify the beginning and end of each wave. It helps in spotting price swing points which act as support and resistance areas, and thus, helps in filtering out irrelevant price swings or fluctuations that may constitute noise at best. The Zig Zag indicator is a basic tool that analysts use to analyze the price action of a security to spot trends and patterns. How the Zig Zag indicator appears on the chart.

Best zig zag indicator for tradestation 9.5