ZLS is short for Zero Lag Stochastic, a Metatrader 5 indicator that induces zero-delay to the Stochastic, a ration of a number of stochastics with diverse periods %K, deceleration and weights.
There are two distinct lines within the ZLS MT5 indicator window, the green and red lines.
The green line denotes the %K line, while the %D is represented by the red line.
When the green line crosses the red line to stay above it, price is said to be bullish, while if the red line crosses the green line to stay above it, a bearish trigger is said to be looming.
When it comes to input parameters, this indicator displays a large pool, thirty-one to be precise:
Smoothing – defines the parameter that is common to all the stochastics and depics the indicator signal line smoothing period.
First stochastic data:
Stoch 1 %K period – %K line period of stochastic 1.
Stoch 1 %D period – %D line period of stochastic 1.
Stoch 1 Slowing – deceleration of stochastic 1.
Stoch 1 Method – stochastic 1 calculation method.
Stoch 1 Price field – stochastic 1 calculation prices.
Stoch 1 Weight – weight of stochastic 1 values.
Second stochastic data:
Stoch 2 %K period – %K line period of stochastic 2.
Stoch 2 %D period – %D line period of stochastic 2.
Stoch 2 Slowing – deceleration of stochastic 2.
Stoch 2 Method – stochastic 2 calculation method.
Stoch 2 Price field – stochastic 2 calculation prices.
Stoch 2 Weight – weight of stochastic 2 values.
Stochastics 3, 4, and 5 have similar data:
The formul K = (S1 + S2 + S3 + S4 + S5) / SumWeight
D = K / Smoothing + PrevD * (Smoothing-1) / Smoothing
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Smoothing, Stoch 1 %K period, Stoch 1 %D period, Stoch 1 Slowing, Stoch 1 Method, Stoch 1 Price field,…), Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the ZLS.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)