Welcome everyone! Today we are excited to announce two new platform indicators! They include Wick Sniper, created by DejaBrew, and Zig Zag. Let’s dive in!
Wick Sniper by DejaBrew
Wick Sniper was created to capture the choppy movements that span from the medium. The Wilders Moving Average uses a 14 period average paired with an advanced ATR formula to track price like a range, with upper and lower deviation lines.
As can be seen in the image below, the editable properties included with this indicator include the Moving Average style values, height, offset, skew, and path as well as line and stroke color.
The upper and lower deviation lines represent the high and low price required to maintain a “healthy price movement”. If the price leaves the range, it is considered “unhealthy” and is likely to consolidate and come back inside the range. When the price pushes and “ride” the upper or lower band, as shown in the image below, this indicates that the trend is very strong.
The Zig Zag indicator is used as a way to get a clearer signal within the noise of the swings of individual candles by identifying the major highs and lows of the swing. It does this by plotting points on your chart when prices reverse by a percentage greater than the pre-selected variable (skew). Then straight lines are drawn connecting these points.
The ZigZag indicator offers only a few editable parameters, which are shown in the image below.
- Depth: represents the minimum number of bars without a second maximum or minimum bar deviation
- Deviation: refers to the number of points after forming the previous minimum or maximum
- Back step: represents the minimum number of bars from which to draw the highest and lowest levels
The smaller the value of “depth”, the more compact the indicator becomes in relation to the price movement, and the more often it reverses. Inversely, the higher the “depth” value, the fewer times the indicator will draw new swings.
This indicator can be used by traders of all types, but is often used in conjunction with Elliot Wave Theory to determine the position of each wave in the overall cycle.
We hope you find these new Indicator additions useful, and if you would like to learn more about DejaBrew’s Wick Sniper Indicator, please visit https://oasistrading.io/.