simple zig zag
Info
The simple zig zag is a Indicator for MetaTrader 5 that automation of many graphical constructions, including simple ones like channels, trends (higher highs / lower lows) or fibo grids, requires defining a "refined movement", i. e.
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 simple 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.
What this tool does
automation of many graphical constructions, including simple ones like channels, trends (higher highs / lower lows) or fibo grids, requires defining a "refined movement", i.
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: Simple Countdown Timer for Next Candle - another powerful indicator for MetaTrader 5 traders.
automation of many graphical constructions, including simple ones like channels, trends (higher highs / lower lows) or fibo grids, requires defining a "refined movement", i.e. price passing from local minimum to local maximum and from local maximum to local minimum.
Also recommended: Simple Clock Indicator - similar indicator with strong performance on MetaTrader 5.
this task is efficiently solved by zigzag indicator included in the standard metatrader delivery set.however, conventional zigzag has a number of drawbacks.
in particular:
zigzag always repaints which is inconvenient when applying it in trading algorithms,
the indicator algorithm includes several nested loops which can significantly slow down a zigzag-based ea optimization,
fine tuning of the indicator is performed using three parameters, which significantly lengthens the optimization process, and given the fact that changing one parameter changes the effect of others, the optimization process may not find a stable extremum at all.
having all this in mind, i have developed a much simpler algorithm of defining refined movements.
the proposed algorithm
does not contain embedded loops. all calculations are performed as soon as new price data becomes available,
does not repaint itself (e.g., a detected reversal will not turn into something else over time),
contains a single parameter — standard pass length (set to be different on different timeframes for more convenience).
the indicator solves the task visually by highlighting local maximums and minimums and plotting refined passes between them.
this tool allows you to develop a simple ea based on fibo corrections. one of the provided screenshots displays clearly recognizable trend and correction movements which is critical for developing an ea using fibo corrections.
You may also like: Simple Clock Indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property icon "redvalue_70x70.ico"
#property indicator_chart_window
#property indicator_buffers 1
#property indicator_plots 1
#property indicator_label1 "myzigzag"
#property indicator_type1 draw_section
#property indicator_color1 clrred.......
⚠ 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.