Unlocking the ZLS Indicator for MetaTrader 5: A Trader's Guide

The ZLS Indicator, short for Zero Lag Stochastic, is a fantastic tool for traders looking to enhance their trading strategies. As the name suggests, this indicator offers a zero-delay stochastic reading, which is essentially a composite of several stochastic calculations with varying periods for %K, deceleration, and weights.

This powerful tool comes with 31 customizable input parameters, allowing you to tailor it to your trading style:

• Smoothing: This parameter controls the smoothing period for the indicator's signal line. It’s the only parameter that all stochastics share.

First Stochastic Data

• Stoch 1 %K Period: The period for the %K line of the first stochastic.
• Stoch 1 %D Period: The period for the %D line of the first stochastic.
• Stoch 1 Slowing: The deceleration factor for the first stochastic.
• Stoch 1 Method: The calculation method used for the first stochastic.
• Stoch 1 Price Field: The prices used to compute the first stochastic.
• Stoch 1 Weight: The weight assigned to the first stochastic values.

Second Stochastic Data

• Stoch 2 %K Period: The period for the %K line of the second stochastic.
• Stoch 2 %D Period: The period for the %D line of the second stochastic.
• Stoch 2 Slowing: The deceleration factor for the second stochastic.
• Stoch 2 Method: The calculation method used for the second stochastic.
• Stoch 2 Price Field: The prices used to compute the second stochastic.
• Stoch 2 Weight: The weight assigned to the second stochastic values.

The data for stochastics 3, 4, and 5 follows a similar structure, giving you a comprehensive tool for analysis.

K = (S1 + S2 + S3 + S4 + S5) / SumWeight
D = K / Smoothing + PrevD * (Smoothing-1) / Smoothing

S1 - Stochastic(1 %K period, 1 %D period, 1 Slowing, 1 Method, 1 Price field)
S2 - Stochastic(2 %K period, 2 %D period, 2 Slowing, 2 Method, 2 Price field)
S3 - Stochastic(3 %K period, 3 %D period, 3 Slowing, 3 Method, 3 Price field)
S4 - Stochastic(4 %K period, 4 %D period, 4 Slowing, 4 Method, 4 Price field)
S5 - Stochastic(5 %K period, 5 %D period, 5 Slowing, 5 Method, 5 Price field)