Double Zig Zag Expert Advisor
Info
The Double Zig Zag Expert Advisor is a Expert Advisor for MetaTrader 5 that this expert advisor utilizes two zigzag indicators for analysis: a smaller zigzag with parameters (13. 5,3) and a larger zigzag with parameters scaled up by a factor of eight (13*8,5*8,3*8).
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Double Zig Zag Expert Advisor
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
This expert advisor utilizes two zigzag indicators for analysis: a smaller zigzag with parameters (13.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: VPS Toolkit: Secure Order Sending and Restart-Safe State for Expert Advisors - another powerful expert for MetaTrader 5 traders.
This expert advisor utilizes two zigzag indicators for analysis: a smaller zigzag with parameters (13.5,3) and a larger zigzag with parameters scaled up by a factor of eight (13*8,5*8,3*8).Also recommended: Automated Live Testing for Expert Advisors on Demo Accounts - similar expert with strong performance on MetaTrader 5.
The trading strategy involves analyzing the two legs of the latest peak on the larger zigzag (13*8,5*8,3*8) and counting the number of peaks of the smaller zigzag (13,5,3) within these legs.
When a buy signal is triggered, all open sell positions are closed, and vice versa for sell signals.
Key parameters:
- k: Represents the ratio of the number of peaks of the smaller zigzag within the legs of the larger zigzag.
- k2: Indicates the ratio of price differences between the peaks of the larger zigzag.
Example:
The larger zigzag (13*8,5*8,3*8) is depicted in red, while the smaller zigzag (13,5,3) is shown in yellow. The peaks of the larger zigzag, denoted as abc, are analyzed. The legs ab and ac contain nine peaks of the smaller zigzag.
Testing Results:
- EURUSD, M1: Further details about the testing results are not provided in the original text.
You may also like: Programmatically Attach Expert Advisors with Custom Inputs to MetaTrader 5 Charts - excellent alternative for expert users on MetaTrader 5.
Source Code
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⚠ 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.