Delta Zig Zag Indicator
Info
The Delta Zig Zag Indicator is a Indicator for MetaTrader 5 that the delta zig zag indicator offers flexibility in its construction, allowing traders to choose between using high/low prices or close prices for its calculation. When applied to close prices, the indicator behaves similarly to Kagi charts, providing a unique visual representation while maintaining the same underlying logic.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Delta Zig Zag Indicator
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 Delta Zig Zag indicator offers flexibility in its construction, allowing traders to choose between using high/low prices or close prices for its calculation.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Previous Day High, Low, and Close Indicator - another powerful indicator for MetaTrader 5 traders.
The Delta Zig Zag indicator offers flexibility in its construction, allowing traders to choose between using high/low prices or close prices for its calculation. When applied to close prices, the indicator behaves similarly to Kagi charts, providing a unique visual representation while maintaining the same underlying logic.Also recommended: Quantora ADR Calculator MT5 - Professional Average Daily Range Indicator for MetaTrader 5 - similar indicator with strong performance on MetaTrader 5.
Key features include:
- The ability to set the minimum swing height, which determines the sensitivity of the indicator to price movements.
- Reversal rules that govern the continuation or reversal of zigzag sections based on the relationship between the current bar's high/low and the last value of the zigzag.
Parameters:
- Apply to Prices: Choose between using high/low prices or close prices.
- Reversal: Select the reversal mode, either in pips or percentage.
- Reversal in Pips: Set the minimum reversal value in pips when the reversal mode is in pips.
- Reversal in Percentage: Define the minimum reversal value in percentage when the reversal mode is in percentage.
- Number of Levels: Specify the number of last minimums/maximums to consider for trend direction changes.
Recommendations:
- Avoid using more than 3 reversal levels for optimal performance.
- When drawing on close prices, execute trades on close prices to prevent breakthrough trades on shadow levels.
- Reversal levels can serve as (trailing) stop levels, providing additional trading signals.
You may also like: Session High-Low Indicator for MetaTrader - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property indicator_chart_window
#property indicator_buffers 5
#property indicator_plots 3
#property indicator_label1 "zigzag bottom;zigzag top".......
⚠ 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.