Little’s work on objective trend identification and pivot breakout evaluation using volume, with the work of David Weis and the Weis Wave concept, plus the ideas of Timothy Ord and his Ord-Volume indicator, as well as other traders/authors such as Anna Coulling and of course Richard Wyckoff. This Thinkorswim indicator combines features similar to L.A. High Probability ETF Trading – FULL PACK OF 7 STRATEGIES!.Short Term Trading Strategies That Work – FULL PACK OF 7 STRATEGIES!.Pre-Market High Low Range Breakout Scan.Thinkorswim Bid-Ask Spread Lines Indicator.Tools for the Independent Trader + Digital Nomad.The Zig-Zag indicator is also effective in visually reducing noise and helping the technical trader see larger picture patterns and general market direction. The Zig-Zag indicator is a technical analysis tool that might be used to identify classic charting patterns. The easily identified head and shoulders pattern gave a potential sell signal when price on the right shoulder broke the upward slanting trendline. The chart below of Intel (INTC) shows a classic chart head and shoulder pattern easily seen by the Zig-Zag indicator ($1 retracement): Typically traders might wish to buy in areas where price touched the lower support trendline and sell when prices touched the upper resistance line. During the middle of the chart, the Zig-Zag indicator was effective in illustrating that the S&P 500 was in an upward price channel.
When prices broke resistance, a potential long-term buy was generated. On the left of the chart, the S&P 500 was forming a triangle consolidation pattern. The chart above of the e-mini uses a 5% Zig-Zag retracement value therefore, only price changes of 5% or greater are shown, helping a long-term trader or investor identify important areas of support, resistance, and areas of price breakouts.
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