PZ Day Trading
The PZ Day Trading indicator detects reversals in a zig-zag fashion, without repainting or backpainting.
Based on breakouts of variable lengths, the indicator uses only price action to pick trades and reacts to the market very fast.
The positional accuracy of its signals offers huge opportunity for profits, easily up to 80% winners.
-Amazingly easy to trade.
-Chart statistics will help you to optimize your trading.
-It works on every single timeframe without fine tuning.
-The indicator analyzes its own quality and performance.
-Losing signals are highlighted and accounted.
-It implements email/sound/push/visual alerts.
-The indicator is non-repainting.
This tool is for traders looking for an efficient and simple entry strategy.
Novice traders should not trade below H4 charts with it. Learn why.
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,
which allows you to optimize the indicator parameters by yourself, for any given instrument and timeframe.
Each instrument and timeframe will have its own optimal settings,
which you can find by yourself.
-Maximum Favorable Excursion (MFE)
The MFE is the best possible outcome for any given trade.
-Maximum Adverse Excursion (MAE)
The MAE is the worst possible outcome for any given trade.
-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 for all the trades displayed.
Losing trades are not hidden, but highlighted with a red cross and accounted.
Looking at them regularly might help you to avoid losing patterns in the future.
Timeframe selection is the key! If you pick the wrong timeframe without doing the math,
you can lose money regardless of how good you are trading!
Keep always an eye at the relationship between the Average Absolute Excursion (AAE) and the Cost per trade, to avoid trading timeframes in which the mathematical expectation of your trading is negative.