The AVG indicator in ZenAlgo is an adaptive level of support and resistance, uniquely calculated using K-Nearest Neighbors (KNN), a machine learning algorithm. It acts as a dynamic reference point that evolves with market movements, providing a reliable benchmark for price action analysis.
The blue and white diamonds in your ZenAlgo indicator serve as powerful visual signals, highlighting key market dynamics based on Delta divergence and Wave Trend conditions. These diamonds help traders identify potential reversal zones and entry opportunities.
The Daily Open is the price level at which the market "opened" for the day. By marking this point on the chart, traders gain a baseline reference for all subsequent price movements during that day. It allows for a quick understanding of whether the market is trading above or below the starting price of the trading session.
Delta in trading measures the difference between buying volume and selling volume over a specific timeframe, indicating whether buyers or sellers were more aggressive during that period.
ZenAlgo's Flags (🚩) and Rockets (🚀) symbols are powerful visual cues that indicate potential points of entry for traders, highlighting price reactions around Order Blocks. These symbols help traders easily spot areas where the market may be preparing for a strong reversal or continuation.
The Monday Range represents the highest and lowest prices achieved during Monday's trading session. These levels often serve as critical reference points for the rest of the week, helping traders gauge the market's initial direction.
ZenAlgo's Moving Averages (MA) feature includes four fully customizable MAs, allowing for a flexible assessment of market trends and momentum. MAs smooth out price data to reveal the market's underlying trend. By averaging price movements, MAs reduce noise, making market behaviors easier to visualize.
In trading, an Order Block is a significant price zone where large financial institutions (such as banks or hedge funds) have placed substantial buy or sell orders. These blocks signal strong buying or selling interest and are key areas for potential reversals or continuations.
ZenAlgo includes a unique feature called PVSRA Candlestick Coloring, which enhances the way you visualize market activity by integrating Price, Volume, and Support/Resistance Analysis (PVSRA). This system helps traders understand the actions of "smart money" by looking at the relationship between price movement, volume, and significant price levels.
The Strong Symbols in this Pine Script represent significant market events that combine multiple indicators, providing strong signals for potential market entries or reversals. Each symbol is carefully crafted to show either a bullish or bearish sentiment, and they're meant to be easy-to-spot signals that highlight important opportunities.
The Volume-Weighted Average Price (VWAP) is a technical indicator that provides a price level weighted by the volume traded at different price points. Unlike a simple average price line, VWAP takes into account the amount of trading activity at each price level, making it more "volume-aware." 📊 Traders often use VWAP as a benchmark for identifying the "average" trader's position for the current session.
The Divergence feature in the ZenAlgo Waves indicator identifies when price action deviates from key indicators, suggesting potential trend reversals or continuations. Divergences are an essential tool for spotting shifts in momentum, and they can signal when price and underlying indicators (like Wave and MoneyFlow) are out of sync.
The Waves indicator includes several additional indicators that enhance analysis by offering insights into broader trends, money flow, and overbought/oversold conditions. These indicators provide essential context to help confirm signals and improve decision-making.
The Waves indicator provides various signals to help traders identify optimal entry and exit points. These signals include bullish and bearish markers, crossover indicators, overbought/oversold alerts, and contra signals. This page breaks down each type of signal with visuals and guidance for interpreting them in your trading.
If you're using ZenAlgo - Waves, your chart might look busy with various symbols and labels. Don't worry—here's a breakdown of each symbol and label so you can understand exactly what you're seeing.
The Waves indicator provides powerful insights into market trends and potential trade opportunities. This guide outlines practical use cases for the Waves indicator, including how to interpret basic structure, identify long and short signals, and use combined indicators on the price chart.