Double Zig Zag (no repaint)
This is a powerful addition to your MetaTrader 4 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Double Zig Zag (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.
Description & Settings
This indicator is very simple: it shows signals triggered using two different ZigZag indicators (fast and slow) without any filtering.
It does never -ever- repaint a past signal and therefore is useful to study the real behavior of the ZigZag indicator -which does repaint- as a trading tool over time.
As you can see, many signals are repainted by ZigZag indicator over time. Fractals have been used to reduce the number of highs and lows painted.
It depends on original -attached-.
Recommendations:
Do not trade this indicator by itself
This indicator has been made for educational purposes only -not for actual trading-
You can use this indicator template to filter zigzag signals with your trading strategy
You can study the relationship between not-repainted fast and slow zigzag signals over time
Color convention:
Orange
dots are signals shared by both ZigZags
Blue
dots are only Fast ZigZag signals
Red
dots are only Slow ZigZag signals (only seen if fast ZigZag is hidden)
Input parameters:
CalculateOnBarClose (default: true) - Determines if unclosed bar is evaluated
ZigZagFast (default: 6) Set as 0 to hide it
ZigZagSlow(default: 24) Set as 0 to hide it
