TrendSpider Software Update: New Indicator Release – Wick Sniper by DejaBrew and ZigZag
Hello, everyone! Today we are excited to announce two new indicators to the platform! They include the Wick Sniper, created by DejaBrew, and Zig Zag. Let’s dive in!
Wick Sniper by DejaBrew
The Wick Sniper was created to catch volatile moves that are extended from the mean. It uses a 14-period Wilders Moving Average paired with an advanced ATR formula to follow price like a band, with upper and lower deviation lines.
As can be seen in the image below, the editable properties contained within this indicator include the Moving Average style, length, offset, deviation and trail values as well as the line color and stroke.
The upper and lower deviation lines represent the high and low price required to maintain ‘healthy price action’. If price leaves the band, it’s considered ‘unhealthy’ and is likely to consolidate and return to the inside of the band. When price pushes into and ‘rides’ the upper or lower band, as is seen in the image below, that suggests that the trend is very strong.
The Zig Zag indicator is used as a way to carve out a clearer signal within the noise of individual candlestick fluctuations by identifying key swing highs and lows. It does this by plotting points on your chart whenever prices reverse by a percentage greater than a pre-chosen variable (Deviation). Straight lines are then drawn, connecting these points.
The ZigZag indicator offers only a few editable criteria, which are pictured below.
- Depth: Represents to the minimum number of bars without a second maximum or minimum deviation of the bar
- Deviation: Refers to the number of points after the previous minimum or maximum is formed
- Back step: Represents the minimum amount of bars between which the high a low can be plotted
The smaller the ‘Depth’ value, the tighter to price action the indicator will become, and the more often it will reverse. Inversely, the larger the ‘Depth’ value, the less often the indicator will plot new swings.
This indicator can be used by traders of all kinds but is often used in conjunction with Elliot Wave Theory to determine the positioning of each wave in the overall cycle.
We hope you find these new indicator additions helpful, and if you’d like to know more about DejaBrew’s Wick Sniper indicator, please visit Oasis Trading Group.