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The indicator displays Renko bars on the chart and uses them to plot the ZigZag – trend lines connecting the local Lows and Highs of the price movement.
Renko – specialized display of the price action, in which the graph is displayed not every bar of the time frame, but only under the condition that the price had passed more than the specified number of points. Renko bars are not bound to a time frame, so the indicator can work on any time frame with the same efficiency.
This implementation of the ZigZag is plotted based on two parameters – zzDev (minimum deviation as a percentage of the previous movement) and zzBack (the minimum number of Renko bars formed in the direction opposite to the previous movement).
Description of the indicator parameters:
- RenkoBar – size of a Renko bar in points (automatically recalculated for 5-digit quotes);
- CountBars – the number of Renko bars displayed on the chart;
- bearColor – color of a bearish Renko bar;
- bullColor – color of a bullish Renko bar;
- hideBars – flag to hide the usual bars on the chart;
- zzDev – deviation from the previous movement as a percentage;
- zzBack – deviation from the previous movement as a number of Renko bars;
- zzColor – color of the ZigZag lines;
- zzWidth – width of the ZigZag lines.
