The indicator is useful in wave analysis and defining harmonic patterns. Using upper and lower extreme values of two buffers allows the indicator to define and highlight an external bar which cannot be achieved by other indicators using only one buffer. The indicator is quite easy to use and applies only one parameter (depth) in calculations. Highlighting Fibo levels allows accurately defining them for all extreme values automatically without using the Fibo grid.

Calculating extreme values

All one-sided extreme values exceeding the previous ones are not closer than depth. But if the chart narrows, the one-sided extreme values can be located closer than depth.

How to trade

Cyberdev ZigZag Fibo Plus can be applied in wave analysis, defining harmonic patterns, Fibo levels, and standard patterns. Examples of trading are shown in the video below. One of the strategies shown in the video requires Super Bollinger Bands indicator.

Changing the chart theme

Cyberdev ZigZag Fibo Plus allows changing the chart theme. Set a theme using the theme parameter (see the screenshots). If you do not want to change the theme, set theme to No theme.

Parameters

• n_bars - amount of bars for calculations (-1 - all bars, 3 000)
  
• depth - depth (distance for searching for extreme values, at least 2, 21)
  
• draw_type - ZigZag style (ZigZag and fractals)
  
• fibo - Fibo mode (true);
  
• f_digits - amount of text label characters in Fibo mode (3)
• f_font - font (Arial)
• f_font_size - font size (8)
• f_hidden - hide indicator graphical objects in the object list (true)
• zz_color - ZigZag color (DodgerBlue)
• zz_style - ZigZag line style (Solid)
• zz_width - ZigZag line width (2)
• h_arr_color - upper extreme value color (Blue)
• h_arr_width - upper extreme value width (2)
• h_arr_code - upper extreme value display symbol code (115)
• l_arr_color - lower extreme value color (Red)
• l_arr_width - lower extreme value width (2)
• l_arr_code - lower extreme value display symbol code (115)
• h_line_color - upper connector line color (SpringGreen)
• h_line_style - upper connector line style (Dash)
• h_line_width - upper connector line width (1)
• l_line_color - lower connector line color (DarkViolet)
• l_line_style - lower connector line style (Dash)
• l_line_width - lower connector line width (1)
• theme - chart theme (White-2)