Channel ZZ

Channel ZZ is a powerful VTL indicator for VertexFX trading system . It is an enhancement of the ZigZag indicator that uses additional filters to eliminate smaller ZigZag levels.

The ZigZag points are identified and filtered using the method specified by the Channel Type parameter. If the Channel Type parameter is set to 0, then height of the Channel must be equal or greater to the value specified by the Channel Points (points) parameter. On the other hand, if the Channel Type parameter is set to 1, then the height of the Channel must be equal or greater than the value specified by the Channel Percent parameter.

Channel ZZ indicator gets calculated from the oldest bar to the newest bar. It first find the ZigZag swing high or swing low then it proceed to the next swing high or swing low. If the next detected swing type is same as the previous one, it proceed further till we find the opposite swing type. The distance between the original swing point and the current swing point must be as per the rule specified in Channel Type setting. This process is repeated from the oldest (first) bar to the latest bar.

Note: This indicator is used to trade breakouts. When the price breaks above the recent channel High, a BUY trade can be initiated. Similarly, when the price breaks below the recent channel Low, a SELL trade can be initiated.

Usage

• Download the attachment from vStore or directly from the vStore tab in your terminal by performing a right click on it and selecting Download & Install
• Copy it to your company VertexFX Local VTL Files folder i.e. C:ProgramDataVertexFX Client Terminals”Company name”VTL10Local VTL Scripts
• Restart your Client Terminal or Right Click on “Local VTL Scripts” Tree Node to find the script.