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Track 'n Trade Stocks High Finance
Zig Zag Overlay
Video Transcript
In this video, we want to cover how to access the Automated Elliott Wave Tool or Zig Zag Indicator.
To turn on the Zig Zag Indicator, right click on the chart, as it is an Overlay Indicator. Slide down to Chart Overlays, slide down to Zig Zag, and click. This turns on the Automated Elliott Wave Fibonacci Projection Zig Zag Indicator.
By clicking the small tile titled ZZ in the lower right hand corner of the chart, we bring up the Settings for the Zig Zag Indicator in the Preferences Tab.
You can also access settings by right clicking on the chart, slide down to Chart Overlays Preferences, and you'll see those Preferences listed here. If you click on Zig Zag, that will also bring you to this Preferences Tab.
The Elliott Wave Zig Zag tool has been designed to help us identify waves within the market, identified as Elliott Waves, and projections and retracements of the Fibonacci levels. You can see them calculated here, through areas of support and resistance pullbacks and projections.
This is the Zig Zag, or Automated Elliott Wave Tool and the way to turn it back off, simply right click on the chart, come down to Chart Overlays, and slide down, click once again, and that removes it from the chart.