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REGISTER PARTICIPANTS Indicator Pz Day Trading Mt4

Discussion in 'Technical Indicators MetaTrader 4' started by James Goldman, Nov 1, 2020.

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  1. James Goldman

    James Goldman Moderator
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    PZ Day Trading

    #pzdaytrading

    pz-day-trading-logo-200x200-2396.png

    This indicator detects price reversals in a zig-zag fashion, using only price action analysis and a donchian channel. It has been
    specifically designed for short-term trading, without repainting or backpainting at all. It is a fantastic tool for shrewd traders
    aiming to increase the timing of their operations.

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    Products< ]

    • Amazingly easy to trade
    • It provides value on every timeframe
    • It implements self-analysis statistics
    • It implements email/sound/visual alerts
    Based on breakouts and congestion zones of variable lengths, the indicator uses only price action to pick trades and reacts to what the
    market is doing very fast.

    • The potential profit of past signals is displayed
    • The indicator analyzes its own quality and performance
    • Losing breakouts are highlighted and accounted for
    • The indicator is non-backpainting and non-repainting
    This indicator will help intraday traders not to miss a single price reversal. However, not all price reversals are created equal nor have
    the same actionable quality. Deciding which breakouts to trade and which to ignore depends on the good judgement of the trader.

    How to interpret the stats

    The indicator studies the quality of its own signals and plots the relative information on the chart. Every trade is analyzed and the
    overall historic results displayed at the top-left corner of the chart, which allows you to optimize the indicator parameters by
    yourself, for any given instrument and timeframe. Each instrument and timeframe will have its own optimal settings, which you can find
    by yourself.

    • Maximum Favorable Excursion: The MFE is the best possible outcome for any given trade.
    • Maximum Adverse Excursion: The MAE is the worst possible outcome for any given trade.
    • Average Absolute Expectancy: The AAE is the absolute excursion you can expect for any given trade, obtained by subtracting the MAE from
      the MFE, which reflects the true quality of the entry strategy. In other words, the entry strategy is measured by the relationship
      between the average best possible outcome and the average worst possible outcome for all the trades displayed.
    • Losing Trades: Looking at the losing trades in the chart will help you to avoid losing patterns in the future.
    The indicator displays the best possible outcome and the worst possible outcome for every trade using two dotted lines and two price
    labels, and account every single one of them into the statistics you can find at the top-left corner of the chart. You can use those
    statistics to optimize the indicator parameters by yourself, for any given instrument and timeframe.

    Input Parameters

    • Range: The range is the minimum amount of bars broken to consider a breakout valid and draw a signal. As you go down in
      timeframes, you need to increase this parameter. For example, to trade monthly charts a range of five is good, but to trade
      H1 charts you would need a range of at least 20-25 bars.
    • Filter: The function of the filter is to separate alternative signals from each other, using a donchian channel and a
      multiplier of the price range it creates. A higher filter will decrease the amount of signals in the chart but, in average,
      increase the maximum favorable excursion.
    • Max History Bars: The amount of past bars to evaluate when the indicator loads. Decrease this value to speed up loading of
      the indicator.
    • Dashboard: Enable or disable the multi-timeframe dashboard widget.
    • Statistics: Enable or disable the statistics widget. Use the stats to find the best parameters for each symbol and timeframe.
      Incrementally change the input parameters of the indicator until you find the higher accuracy and expectancy possible.
    • Display boxes: Display or hide the colored boxes around the breakout price range.
    • Fill boxes: Choose wether the inside of the breakout box is filled with color.
    • Trade Analysis: Enable or disable the individual trade analysis in the chart.
    • Alerts: Enable display/email/push/sound alerts for breakouts.
    Support and questions

    Use the helpdesk for questions or timely support. Write an email to: You are not allowed to view links. Register or Login

    Author

    Arturo López Pérez, private investor and speculator, software engineer and founder of Point Zero Trading Solutions.

    pz-day-trading-screen-5989.png pz-day-trading-screen-3707.png pz-day-trading-screen-5310.png pz-day-trading-screen-7487.png pz-day-trading-screen-3979.png

     

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