Price Percentage Zigzag (No timeframes)
Info
The Price Percentage Zigzag (No timeframes) is a Indicator for MetaTrader 5 that this is a zigzag which is not warped by timeframes, and the leg changes based on asset price percentage change from the extremums. The zigzag is strictly based on price, and does not consider time.
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 Price Percentage Zigzag (No timeframes)
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
This is a zigzag which is not warped by timeframes, and the leg changes based on asset price percentage change from the extremums.
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: Price Channel Indicator - another powerful indicator for MetaTrader 5 traders.
This is a zigzag which is not warped by timeframes, and the leg changes based on asset price percentage change from the extremums. The zigzag is strictly based on price, and does not consider time.
Also recommended: Kinematic Price Physics: Velocity and Acceleration Indicators - similar indicator with strong performance on MetaTrader 5.
The clean and thoughtful zigzag structure is credited to Evgeniy Chumakov and so he is linked in the code as it is his code structure that was seen in his MQL4 "Autoscale zigzag".As it is a zigzag indicator, it's not appropriate to use this as a standalone tool for trade decisions. Instead, you could use it to police the trend like in a Renko chart, and potentially combine it with a momentum oscillator to figure out when and where it may be appropriate to make an entry.
You may also like: Institutional Kalman Filter: Dynamic True Price Estimation - excellent alternative for indicator users on MetaTrader 5.
⚠ 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.