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Zig Zag primarily used to locate price trends by avoiding fluctuations there by appearing when there is a price movement between swing high and a swing low that is greater than a specified percentage.
The aspiration of the zig zag indicator is to benefit traders with staying in a winning position and avoid the compulsion to close positions on the petty reactions, which are commonplace in the market.
How to Utilise Zig Zag
Zig Zag emerged to be the divine grail of trading, investors have to remember that the values are devised after the price closes. One should always use the indicator to audit the health of the primary trend, and not a tool for actively trading the market.
Zig Zag is the only indicator where a change in the stockís price can change a previous value of the indicator, the Zig Zag indicator can adjust its values based on consecutive changes in the underlying design, it has perfect hindsight into what prices have done.
The Zig-Zag indicator Endeavour to determine price trends such as support and resistance areas, and patterns like head and shoulders, double tops and double bottoms, the Zig Zag indicator is also useful when doing Elliot Wave counts in addition to identifying important price reversals.
Investors should be attentive that the most recent zig zag line may not be long lasting. When the price changes direction, the indicator starts to draw a new line. If that zig zag line does not reach the indicatorís percentage setting and the price of the stock The Zig Zag indicator is also competent in visually condensing noise and helping the technical investor see larger patterns and market direction. Investor holds a long position they would not sell until the zig zag line turns downward.
Zig Zag is the indicator which is beneficial to investorís traders which highlights important movements by avoiding noise.
The last Zig Zagline is temporary if the current price change is less than the Zig Zag parameter. The last line is permanent when the price change is greater than or equal to the Zig Zag guidelines. The indicator makes trends easier to spot.
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