Zero Lag indicator is described in November 2010 issue of Stocks & Commodities.
The formula of the indicator is:
ZL = α * (EMA + Gain * (Close - ZL[1])) + (1 - α) * ZL[1]
The formula is similar to EMA, except that new term Gain * (Close - ZL[1]) is introduced.
'Gain' represents the value which is chosen from [-GainLimit, GainLimit] interval to minimize
the error for current data sample, (Close - ZL) → min
Download the indicator:
This indicator provides Audio / Email Alerts on Price / MA cross (Real Time)
or/and MA slope changes (end of turn)
Dec 15, 2015: Compatibility issue Fix. _Alert helper is not longer needed.