Zig Zag Dual Buffer
This professional-grade solution for MetaTrader 4 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 Zig Zag Dual Buffer
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 ZigZag indicator uses dual buffers to store high and low points. A point is considered as a new high/low point if its high/low is higher/lower than the high/low of N earlier bars' high/low, where parameter N is the number of earlier bars represented by
Bars
. Default value is 2.
This indicator uses the idea of fractal whereby a point is considered high (or low) if the point is higher than its previous 2 bars' high (or lower than its previous 2 bars low) in forward motion. Hence, it doesn't wait for the next 2 bars to determine if it is higher or lower.
This indicator also eliminates the problem of outside bar as explained by Aleksandr Chugunov in his article . See Figure 2 below. What it does is that it will scan to the last node to check if there exists any point higher (or lower) than the current point. If there is, then that point will be set to be the ZigZag node.
