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Discussion in 'Forex indicators MT4' started by Emma McNeill, Aug 27, 2020.

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  1. Emma McNeill

    Emma McNeill Moderator
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    #PZDayTradingIndicator

    The PZ Day Trading Indicator from pointzero-trading. It is a scalping indicator. It can also be used for intraday trading. It is designed to detect trend reversal in a zig zag manner. The indicator has no repainting or back painting. The indicator’s algorithm is programmed to react very fast to the market movements and use the price actions to give signals. It has an efficiency of about 90%-95%. It is therefore a trustworthy indicator to use in your trading.

    It is designed to work on all MT4 platforms. However it is not viable in the MT5 platform. In the MT4, it can be used to trade using any of the time frames but since it is designed for scalping, it is best if used with a little bit tighter timeframes of M5-M15.

    The PZ Day Trading is termed as a very multifaceted indicator which depends on adjustable length breakouts and congestion zones on Donchian peaks or bottoms. However the indicator only displays the important information while keeping the nitty-gritty junk for itself.

    The indicator is responsible for the formation of blue and red arrows. These arrows serve as the trading signals. The blue arrow shows that the market prices are set for a bullish trend while the red arrow show that the market prices are set for a bearish trend. In short the blue arrows shows that the market prices are set to rise while the red arrow shows that the market prices are set to drop.

    001.png
    Fig.1. The PZ Day Trading Indicator inserted onto the EUR/USD chart.

    This indicator is also designed to scrutinize its own signal. It actually learns about its own signals. Once it gives its signals, it goes ahead and analyses the signal and displays the information on the top left corner of the trading chart. There is also a purple dotted line that draws the line the profit of every trade is predicted to be. There is also a purple label that shows the probable profit in terms of points for every trade.

    How to place and close trades using the PZ Day Trading Indicator.

    The trader should be very cautious about the red and blue arrows since they are the trading signals. However, the trader may also go to the indicator customization and set the alerts on so that he or she can be alerted whenever there is a trading signal.

    When placing the trades the trader should use the historical statistics on the top-left corner of the chart to place his or her stops. The take profit should be placed according to the winning history while the stop loss should be placed according to the loosing history. For example if the historical statistics shows a winning 85 %( 204 out of 240), the trader should place his take profit at 204 points from the order. If the historical statistics goes ahead and shows losing 5% (36 out of 240), the trader should set his or her stop loss at 36 point from the order. However since some times the broker may not allow too tight stops the stop loss can be set at 100 points (10 pips).

    Placing a sell: the trader should place a sell order after the formation of the red arrow.

    Placing a buy: the trader should place a buy after the formation of the blue arrow.

    Example of placing orders using the PZ Day Trading Indicator.
    002.png


     

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