Delta Zig Zag
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. 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 Delta 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
Besides, the indicator can be drawn as on high/low prices, so on close prices, and forms the section reversal only on the basis of the minimum swing height set by the trader. It should be noted that drawn on close prices Delta ZigZag with the number of levels equal to 1, in fact is identical to Kagi charts (visual presentation is different, but logics is the same).
As for high/low prices, the following features apply also:
If the last section of zigzag is ascending:
if current bar forms the new maximum then we continue the section of zigzag up and prohibit the reversal down in current bar.
if high of the current bar is lower the last value of zigzag and low of the current bar is lower the last value of the zigzag on a set swing height then we draw the descending section (i.e. has zigzag reversal).
The similar rules applied to descending sections of the indicator.
Parameters:
Apply to prices - to use high/low prices or only close prices
Reversal - reversal mode (in pips or percentage)
Reversal in pips - the minimum reversal value in pips. The parameter is actual in case if the reversal mode is also in pips and does not produce any influence if the reversal mode is in percentage.
Reversal in percentage - the minimum value of the reversal in percentage. The parameter is actual in case if the reversal mode is also in percentage and does not produce any influence if the reversal mode is in pips.
Number of levels - number of last minimums/maximums at which the change of the trend direction will be fixed.
Delta ZigZag with the number of reversal equal to 2:
Recommendations:
More than 3 number of reversal levels is not recommended.
If close prices are used for drawing, the deals should also be done on close prices (in order to avoid breakthrough trade on shadow levels)
Reversal levels can also act as (trailing) stop levels.
