ZigZag Swing Fibonacci Tool with ATR Display
Summary
This document explains a chart indicator that builds Fibonacci levels from successive swings identified by the ZigZag indicator. Keyboard controls move through swings, while users can show, hide, drag, or extend a Fibonacci drawing and edit its levels. Separate indicator instances can be configured to track different swings, including synchronized offsets.
Settings control ZigZag depth, deviation, backstep, the number of swings to cycle through, line appearance, and up to ten retracement or extension levels. An optional ATR reading can be displayed using a selected period and bar shift. The document describes indicator operation and configuration rather than a trading entry or exit strategy. It offers no test results or evidence that Fibonacci levels predict price behavior; ZigZag settings and chart use remain discretionary and may change how swings are identified.
Key ideas
- The indicator places Fibonacci levels on swings detected by ZigZag.
- Keyboard controls let users cycle through swings and manage the displayed Fibonacci drawing.
- Users can configure ZigZag sensitivity, swing navigation, and retracement or extension levels.
- Multiple instances support separate or offset swing tracking.
- An optional ATR value provides a volatility reference, but the document gives no predictive or performance evidence.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.