Super Zig Zag Indicator
Info
The Super Zig Zag Indicator is a Indicator for MetaTrader 5 that the super zig zag indicator is a powerful tool that visually represents significant price movements in the market. It operates in two distinct modes, which can be selected using the 'mode' parameter:Mode 0: Significant Movement in Points- This mode defines 'significant movement' in terms of points, as specified by the 'importantpoint' parameter.
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 Super 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 Super Zig Zag indicator is a powerful tool that visually represents significant price movements in the market.
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 Open Close Indicator - another powerful indicator for MetaTrader 5 traders.
The Super Zig Zag indicator is a powerful tool that visually represents significant price movements in the market.Also recommended: Quantora ADR Calculator MT5 - Professional Average Daily Range Indicator - similar indicator with strong performance on MetaTrader 5.
It operates in two distinct modes, which can be selected using the 'mode' parameter:
Mode 0: Significant Movement in Points
- This mode defines 'significant movement' in terms of points, as specified by the 'importantpoint' parameter.
Mode 1: Significant Movement in Bars
- In this mode, 'significant movement' is determined by the product of a specified number of bars (parameter 'rangebars') and a coefficient (parameter 'rangekoeff').
The indicator is designed to be non-redrawing, ensuring that once an 'up' ray is formed, the previous 'down' ray's low extremum remains unchanged, while the new 'up' ray updates its high extremum accordingly.
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 indicator_chart_window
#property indicator_buffers 3
#property indicator_plots 1
#property indicator_type1 draw_color_zigzag
#property indicator_color1 blue,red
input int mode=0;
input int importantpoint=600; // "significative movement" in points.......
⚠ 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.