PZ Day Trading Indicator-Day Trading 6.0 – Point Zero Trading

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This indicator detects price reversals in a zig-zag fashion, using only price action analysis and a donchian channel. It has been specially designed for short-term trading, without repainting or backpainting at all. It is a fantastic tool for shrewd traders aiming to increase the timing of their operations.

• Amazingly easy to trade
• It provides value on every timeframe
• Chart statistics will help you to optimize your trading
• It implements a multi-timeframe dashboard
• It includes a multi-symbol and multi-timeframe scanner
• It implements email/sound/visual alerts

Based on breakouts and congestion zones of variable lengths, the indicator uses only price action to pick trades and reacts to what the market is doing very fast.

• The potential profit of past signals is displayed
• The indicator analyzes its own quality and performance
• Losing breakouts are highlighted and accounted for
• The indicator is non-backpainting and non-repaintin

This indicator will help intraday traders not to miss a single price reversal. However, not all price reversals are created equal nor have the same actionable quality. Deciding which breakouts to trade and which to ignore depends on the good judgement of the trader .

How to interpret the stats

The indicator studies the quality of its own signals and plots the relative information on the chart. Every trade is analyzed and the overall historic results displayed at the top-left corner of the chart.

Maximum Favorable Excursion (MFE)

The MFE is the best possible outcome for any given trade.

The average MFE is displayed at the top-left corner of the chart.

Maximum Adverse Excursion (MAE)

The MAE is the worst possible outcome for any given trade.

The average MAE is displayed at the top-left corner of the chart.

Average Absolute Expectancy (AAE)

The AAE is the absolute excursion you can expect for any given trade, obtained by subtracting the MAE from the MFE, which reflects the true quality of the entry strategy. In other words, the entry strategy is measured by the relationship between the average best possible outcome and the average worst possible outcome.

The indicator displays the best possible outcome and the worst possible outcome for every trade using two dotted lines and two price labels, and account every single one of them into the statistics you can find at the top-left corner of the chart. You can use those statistics to optimize the indicator parameters by yourself, for any given instrument and timeframe.