Double Zig Zag Indicator (No Repaint)
Info
The Double Zig Zag Indicator (No Repaint) is a Indicator for MetaTrader 4 that this indicator is a simple tool that displays signals generated by two zigzag indicators, fast and slow, without any additional filtering. It is designed to never repaint past signals, making it valuable for studying the behavior of the zigzag indicator as a trading tool over time.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Double Zig Zag Indicator (No Repaint)
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
This indicator is a simple tool that displays signals generated by two zigzag indicators, fast and slow, without any additional filtering.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: External Range Liquidity (ERL) Indicator: Advanced Market Structure and Liquidity Analysis - another powerful indicator for MetaTrader 4 traders.
This indicator is a simple tool that displays signals generated by two zigzag indicators, fast and slow, without any additional filtering. It is designed to never repaint past signals, making it valuable for studying the behavior of the zigzag indicator as a trading tool over time.Also recommended: B Bands Psar Indicator - similar indicator with strong performance on MetaTrader 4.
The indicator reveals how many signals are repainted by the zigzag indicator, and fractals are employed to minimize the number of highs and lows painted.
Please note the following recommendations:
- Do not trade solely based on this indicator.
- This indicator is intended for educational purposes and not for live trading.
- Utilize this indicator template to filter zigzag signals in conjunction with your trading strategy.
- Analyze the relationship between non-repainted fast and slow zigzag signals over time.
Color coding:
- Orange dots represent signals shared by both zigzags.
- Blue dots indicate fast zigzag signals only.
- Red dots signify slow zigzag signals, visible only when the fast zigzag is hidden.
Input parameters:
- CalculateOnBarClose (default: true) - Controls whether unclosed bars are evaluated.
- ZigZagFast (default: 6) - Set to 0 to hide it.
- ZigZagSlow (default: 24) - Set to 0 to hide it.
You may also like: Fast Stochastic Indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property indicator_chart_window
#property indicator_buffers 3
#property indicator_color1 red // slow zigzag
#property indicator_color2 blue // fast zigzag
#property indicator_color3 darkorange // both zigzags
#define iname "doublezigzagtrack"
#define zzback 1 // just 1bar past-repaint
#define zzdev 5 // zigzag deviation
extern bool calculateonbarclose = true;.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.