zig zag based on close prices
Info
The zig zag based on close prices is a Indicator for MetaTrader 4 that the code is based on indicator zigzag which is in-built in mt4, developed by metaquotes. i have changed it slightly so that it isn't calculated on highest highs and lowest lows, but instead uses highest close and lowest close of chart price history.
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 zig zag based on close prices
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
the code is based on indicator zigzag which is in-built in mt4, developed by metaquotes.
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: moving averages alternative based on bezier curve - another powerful indicator for MetaTrader 4 traders.
the code is based on indicator zigzag which is in-built in mt4, developed by metaquotes.
Also recommended: trend indicator based on recent price action and rsi - similar indicator with strong performance on MetaTrader 4.
i have changed it slightly so that it isn't calculated on highest highs and lowest lows, but instead uses highest close and lowest close of chart price history.see chart below for differences: zigzag (red) versus zigzagclose (yellow).
some differences are minor in nature, while at other times the effects are significant.
You may also like: PostZigZag Close Indicator - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property strict
#property indicator_chart_window
#property indicator_buffers 1
#property indicator_color1 yellow
input int inpdepth=12; // depth
input int inpdeviation=5; // deviation
input int inpbackstep=3; // backstep
double extzigzagbuffer[];.......
⚠ 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.