The Zig Zag indicator can draw horizontal levels from the five most recent pivots. They’re labeled a, b, c, d, and e, in order from the most recent pivot, and each pivot can be defined uniquely in the scanner.

All traders on TrendSpider have access to several market structure scans, so let’s briefly look at what’s available.

  • Basic Uptrend and Downtrend

  • Pullbacks and Bounces

If you’d like to find pullbacks or bounces within an uptrend or downtrend, respectively, use the ‘Simple Uptrend Pullback’ or ‘Simple Downtrend Pullback’ scans.

These scans can be further refined in the way that price is defined relative to previous pivot levels by using the ‘within range of’ definition. A helpful hint here is to also turn on your auto fib tool, as it will often draw a fib sequence on the most recent swing, which will provide you with an easy-to-read visual understanding of where the price is relative to that swing.

  • Break of Structure

Finally, zig zag can be used to identify scenarios where there’s been a break in structure by defining the pivots relative to one another and the price relative to the pivots.

If you’d like to find scenarios in which the price was previously in an uptrend and there’s been a break of structure to the downside, utilize the ‘Beginning Of Uptrend Reversal’ scanner. Users can utilize the ‘Beginning of Downtrend Reversal’ scanner to find scenarios in which a break of structure to the upside has occurred after a downtrend.

So, there you have it! A quick lesson on Market Structure basics, as well as some simple yet powerful scanners that you can begin employing today!