Zig Zag of Orlov
This tool for MetaTrader 4 is specifically engineered to streamline your trading operations. 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 of Orlov
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
Shortly:
There is a large quantity of various Zigzags and the majority of it, with difficult algorithms, don't give required result. Besides the work principle and adjustment happens very hard to understand.
I have decided to write my own Zigzag and accordingly named it by my name.))
It is the Zigzag with a simple, clear and natural principle of work . It shows impulses and corrections which are important to you . Zigzag doesn't redraws since it only draws the impulses which are already exist .
Options and work principle:
It means the relation of a new impulse to previous to which the Zigzag will react. I.e. the new line will be constructed only if current impulse is not less than 0.33 of previous.
0.5 - not less than half
0.75 - not less than three quarters etc.
The filter which cuts too small movements, i.e. market noise. Designates size of the minimum impulse for reaction, in points. I.e. the Zigzag doesn't react to an impulse, which less than MinPoints.
This parameter allows to react to considerable recoils even if they less than MinRatio. For example, after sharp movements.
If parameter MinPoints is established to more than ForcePoints, ForcePoints will be automatically raises to the same size.
The interesting parameter, allows to draw the Zigzag being guided by the Close-prices and ignoring market noise of High and Low.
It's just the History. )
