ZigZag Buy Level

ZigZag Buy Level

The ZigZag Buy Level is a specialized tool for traders who utilize market structure and classic ZigZag patterns to define key support and entry points. It automatically identifies "Main Highs"—significant highs confirmed by the subsequent price action—and then calculates a high-probability "Buy Level" based on a specified percentage pullback from that Main High to the last corrective low. This indicator helps you anticipate deep retracement entries, clearly marking them on the chart with labels for the latest levels.

• Key Features:
• Identifies Main Highs: Uses strict criteria (based on surrounding points) to find only the most important swing highs.
• Calculates Deep Pullback: Automatically determines a custom Buy Level (e.g., 90% of the swing depth) for high-risk/reward retracement entries.
• Visual Structure: Draws horizontal lines for up to the last two Main Highs and their corresponding Buy Levels.
• Latest Level Labels: Clearly labels the newest Main High and the calculated Buy Level on the chart.