Point Zig Zag

Point Zig Zag

The indicator is a polyline (ZigZag segment) that tracks and connects the extreme points of the chart price that are at least a specified size apart from each other in points on the price scale.
The one and only setting is the minimum size (in points) of a ZigZag segment.

The indicator displays levels to determine a possible trend reversal:
level   "LevelForUp" - the breaking of this level determines the possible reversal of the trend up (to buy);
level   "LevelForDown " - the breaking of this level determines a possible reversal of the trend downwards (for sale).

You may be interested in the free Expert Advisor "Zigzag Extremum points" in which this indicator is used.

Application options.

Determination of trend direction:

screenshot #2 downtrend;
screenshot #3 uptrend.

screen #2 for sell orders;
screen #3 for buy orders.

Building a trend line   (when waiting for the trend direction to change) :

screen #4
in a downtrend,
the trend line is built on the next two highs,
when the trend line is broken, open a buy order
and set the stop loss to the level of the nearest minimum ;
screenshot #5
in an uptrend,
the trend line is drawn at the next two lows,
when the trend line is broken, open a sell order
and set the stop loss to the level of the nearest maximum .

Trend trading:

screen #6
in a downtrend,
when the nearest minimum is broken, open a sell order
and set the stop loss to the level of the nearest "LevelForUp"   ;
screenshot #7
in an uptrend,
when the nearest maximum is broken, open a buy order
and set the stop loss to the level of the nearest   "LevelForDown "   .

Breakout trading   "LevelForUp" and   " LevelForDown " :

screen #8
breaking through the "LevelForUp"   - open a buy order;
breaking through the "LevelForDown" - open a sell order.