Fractal Zig Zag
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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 Fractal Zig Zag
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
Indicator has been updated!
It uses the Zigzag indicator to ascertain swing highs and lows. These swings can then be used to draw or estimate a non redrawing zigzag indicator. The indicator backdraws values 2 bars from the current bar.
The program has 4 input variables explained below.
Input variables:
The first variable determines when a fractal low or high is drawn with reference to the close of the current bar. Set CalculateOnBarClose to true and indicator arrows will only be drawn on the close of the current bar or the open of the next bar.
ZZDepth and ZZDev variables are related to the input parameters for the Zigzag indicator. ZZDepth corresponds to the ExtDepth input variable and ZZDev corresponds to the ExtDeviation input variable of the Zigzag indicator. ExtBackStep is permanantly set to 1.
nShift simply sets the number of pips the arrows will be above or below a fractal high or low.
