Thank you very much, Dorschden. This is the first visual tool I have added to my existing chart setup. I can see that it has already helped me a lot. I now have to maximize its potential use in my trading. I love zigzag based indicators and you have done a fantastic job with this PriceActionSwing.
Thanks for an interesting indicator. The statistics are especially interesting.. I think there could be some useful no-trade rules for stategies derived from them.
A question about the statistics... each type of HH, LH, etc is followed by a 4 statistics, which add up to more than 100% in total. How does this work exactly? Is it showing statistics for how likely that type is to be found in the next two swings?
Also would like to clarify what happens when the indicator repaints... what do the statistics show when a zig zig point is repainted and becomes part of a larger zig zag. Do the stats include these cases or are they only calculated from finished swings that are past the point of being repainted.
Can you explain to me what the 'DtbStrength' and 'Span' parameter settings do for the DT's and DB's?
I have tried playing around with them, but I am not sure which one is adjusting the changes on the chart.
I assume one of them is the minimum number of bars that have to occur between the two DT's or DB's - which parameter is doing this? And what does the other parameter do?
I'll upload in two or three weeks a new version with some new features and I'll re-add the ZigZagUTC version and a third mode to calculate the swings.
The new version should not add the statistics up to more than 100%. I think this happen now only when you add the indicator on a new empty chart. Press F5 to reload the indicator and than the statistic should work fine.
The 4 values after the HH, LH, etc show which swing is followed expressed in percentage.
The statistic only calculate from finished swings.
The 'Span' parameter represent how big the swings are and how often they occurred and the 'DtbStrength' property is for the DT's and DB's. With a smaller value it shows only swings as DT's or DB's that have the same swing price and with a greater value it shows swings as DT's or DB's also when the price is further away from the last swing.
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Hello Dorschden,
Thank you for a lovely indicator. Unfortunately the Fib values on my chart seem to be be giving me the wrong values i.e. from top to bottom and I am also not getting values of extension of 1.27 or 1.618. I have tried all the alternatives of the Fib values in the indicator, but it does not show up correctly on the chart. What are your standard values
Hey perryg,
The Fib value parameters are only to visualize the AB=CD entry area which is normally between 61.8% and 76.4%. It represent the entry area from the last swing and not from the current swing. The Fib extension is the standard Ninjatrader drawing tool. To change the standard values of the fib extension see this post:
you must double click on a Fibonacci retracement then you get the "Fibonacci Retracement Properties" window and there you can set your personal settings for the retracement. After that you must push the "Set Default" button …
For example AB=CD Entry
Exit
The following user says Thank You to dorschden for this post:
I have a suggestion for this fantastic indicator that you have created. Can you add volume count to the swings. For example: Up swing A = 3000 contracts/shares / Downswing B = 1000 contracts/shares. ?
I think the volume of swings can be used as a great measure of the strength of the swing. And warn us of potential trend reversals or pauses.
Here is a link to Ord Volume charts. That shows you sample charts of volume swings. You can also see how he uses this volume swing information in his trading. You might be able to implement some of these ideas in the NT7 version.
