ZP Day Trading Indicator in MT5 Download - Free - [TradingFinder]

The ZP Day Trading Indicator is one of the tools developed based on Price Action trading style concepts in MetaTrader 5. This indicator uses color-coded boxes to identify Trading Ranges on the chart.

A trading range forms when the price moves within a specific range between a resistance level (ceiling) and a support level (floor) over a period of time.

In such scenarios, buyers and sellers reach equilibrium within the defined range.

ZP Day Trading Indicator Specifications

Brief descriptions of the features of the ZP daily trading indicator:

Buy Signal in an Uptrend

Based on the 30-minute Bitcoin (BTC) chart, the indicator identifies a trading range where the price stabilizes.

When the price breaks out of the range to the upside, the indicator displays a blue box on the chart and issues a Buy signal using a blue arrow.

Sell Signal in a Downtrend

Based on the 15-minute chart of NZD/USD, the indicator identifies a trading range where the price stabilizes.

Once the price breaks below the range, the indicator displays a red box on the chart and issues a Sell signal using a red arrow.

ZP Day Trading Indicator Settings

Parameters and customizable options of the ZP daily trading indicator:

• Chart theme: The indicator theme;
• Min range: The minimum range for data analysis, by default set to 5;
• Max range: The maximum range for data analysis, by default set to 30;
• Display analysis: Display analytical information on the chart;
• Display profits: Display the amount of profit and loss on the chart;
• Analysis color: The color used for displaying the analysis on the chart;
• Profits color: The color indicating profit;
• Bull color: The color for bullish boxes;
• Bear color: The color for bearish boxes;
• Alert message: Alert with message;
• Alert email: Alert via email;
• Alert sound: Alert sound;
• Look back: The number of candles considered for calculation, set to 1000.

Conclusion

The ZP Day Trading Indicator is a practical tool based on Price Action concepts for MetaTrader 5. It identifies trading ranges, which are zones of price consolidation, using color-coded boxes.

The indicator tracks price breakout points and issues entry signals using arrow markers, making it a straightforward and effective tool for traders of all levels.