Zig Zag - Taylan Kocyigit

Description:

The Zig Zag - Taylan Kocyigit indicator is a custom version of the Zig Zag indicator designed by Taylan Kocyigit. It is intended to identify significant price movements by filtering out minor price fluctuations, thereby assisting traders in identifying key trends in the market.

How it works:

The Zig Zag indicator draws lines connecting significant high and low points in price movement. These lines help traders visualize changes in market direction, highlighting both upward and downward trends. To effectively use this indicator, it is recommended to check the "Show" box in the indicator settings. This will display the Zig Zag lines on your chart, making it easier to identify important price movements.

Usage:

Trend: Zig Zag line segments indicate both upward and downward market trends. Upward segments suggest a bullish trend, while downward segments indicate a bearish trend.
Reversal Points: Points where the Zig Zag line changes direction may indicate potential trend reversal points. Traders can use these points to identify entry or exit opportunities in the market.
Customizable Parameters:

Depth: Controls the minimum number of pips or ticks between highs and lows for a Zig Zag point to be drawn.
Deviation: Sets the percentage price change required to create a new Zig Zag point.
Backstep: Determines the number of candles backward to analyze in order to identify highs and lows.
Disclaimer:

This indicator is a technical analysis tool and does not guarantee success in trading. It is recommended to use it in conjunction with other tools and analyses to make informed decisions in the market.