cTrader Zig-Zag & Fibonacci Extension Alerts

This version of the Zig-Zag indicator is nothing but trend lines that will connect the low and high prices of a symbol and thus provide visual confirmation of the highs and peaks in the market. You will find that this is a dynamic indicator and therefore the final high or low can be changed if a new high or a low is plotted in the market. It is best used as a tool rather than an indicator as it is used to filter out the small price movements in the market.

The Zig-zag indicator comes with standard settings such as Depth, Deviation and Backstep and the default values are 12, 5 and 3.

What is The Fibonacci Extension Definition?

• Depth: The minimum number of price bars required where there is no secondary high or low.
• Deviation: The number of pips that pips can deviate above the previously plotted high or low for the Zig-zag indicator to re-change its highs and lows
• Backstep: The minimum amount of bars between which the highs and lows can be plotted.

Dynamic Creation of Fibonacci Levels

You will need to be aware that the Zig-Zag and Fibonacci levels are created dynamically, so they are redrawn as new price data is collected to show the next support and resistance levels for the price retracement.

How To Install & Remove

First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install it onto the platform.

• How to install
• How to open
• How to remove
• How to edit settings

Any Questions?

If you have any questions, please first search our product help forum for the answer, if you cannot find it, post a new question.

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