Hi Guys
I would like to share one of the ways I trade and hopefully we can make an indicator.
It seemed obvious to me but I've looked everywhere and can't find this as an indicator.
Basically all I do is use a zigzag indicator out of the box settings and then get the equidistant channel and copy the last leg of the zigzag from bottom to top or vice versa. Hourly preferred time frame but test for yourself.
To get the width/depth of the channel we must place the eq channel indicator directly on top of last leg of zigzag and expand the channel sideways to the extremes of the price action along the length of the the width/depth of the last leg of the zigzag.
When we have done this we slide the eq channel back on top of the last leg of the zigzag indicator.
When we have cross of of the newly placed eq channel diagonal line we go long or short
I hope the screen shot makes this clearer
I would like to share one of the ways I trade and hopefully we can make an indicator.
It seemed obvious to me but I've looked everywhere and can't find this as an indicator.
Basically all I do is use a zigzag indicator out of the box settings and then get the equidistant channel and copy the last leg of the zigzag from bottom to top or vice versa. Hourly preferred time frame but test for yourself.
To get the width/depth of the channel we must place the eq channel indicator directly on top of last leg of zigzag and expand the channel sideways to the extremes of the price action along the length of the the width/depth of the last leg of the zigzag.
When we have done this we slide the eq channel back on top of the last leg of the zigzag indicator.
When we have cross of of the newly placed eq channel diagonal line we go long or short
I hope the screen shot makes this clearer