There are lots of swing indicators out there but most of them give inaccurate swing points. Understanding this, we developed Zigzag Swing Pro, (you can see a FREE version here) a revolutionary swing indicator for NinjaTrader 8 built upon the algorithm of zigzag patterns, aimed to tackle the drawbacks of typical swing indicators.
Traders have long witnessed the following problems in typical swing indicators:
- Swing points are often identified incorrectly, especially in sideways or consolidation periods.
- Swing points will change upon timeframe switch.
Why do these drawbacks exist? Because typical NinjaTrader swing indicators only take into account the number of bars surrounding a swing point but don't care about the vertical price change. The result is a lot of meaningless swing points, whose swing lengths are too small compared to the overview of price action.Also, when you switch your chart to another timeframe (of the same instrument), swing points will most likely shift.
Solution? We need to define a swing length based on price change! Therefore, we employ the zigzag logic in our swing indicator development. This radical solution has swing points identified accurately, plus identically across different timeframes. Imagine: when you switch from a Minute chart to a Tick chart of NQ, you will still see the same swing points, and therefore the same market structure.
In this NinjaTrader swing indicator, you can define "Minimum Swing Length" (the vertical distance between 2 consecutive swing points) in 2 units: ninZaATR and Tick. All swing lengths must meet the minimum size specified by users, which means you only see meaningful swing points. Using this approach to scan the market movements, the indicator is able to recognize tops & bottoms with much more precision than typical swing indicators.
At each swing point, you can see a lot of crucial information regarding price action, such as swing length, bar count, duration, volume, retracement, and so on. Swing point type, including Double Top/Bottom, Lower High, Higher Low... is also one of the important data this indicator provides you with. Moreover, our zigzag swing indicator for NinjaTrader 8 plots the swing levels which are divided into Inactive levels and Active levels, giving you a more intuitive view of support and resistance. Active levels will help you gauge turning points easier.
It is safe to say that Zigzag Swing Pro is a revolutionary zigzag-based swing indicator for the NinjaTrader platform that helps you read price action as well as identify trends more accurately & easily. Zigzag Swing Pro will give you a better perspective of market structure and therefore, help you gain an edge over most market participants.
From trend-following to momentum-based tools, our collection of best NT8 indicators has everything you need to build a winning trading system.
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