Zig Zag Pointer Indicator
Info
The Zig Zag Pointer Indicator is a Indicator for MetaTrader 5 that zig zag pointer indicatorthis indicator was originally written in mql4 and first published in 2026. Figure 1.
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 Zig Zag Pointer 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
Zig Zag Pointer IndicatorThis indicator was originally written in MQL4 and first published in 2026.
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: Quantora ADR Calculator MT5 - Professional Average Daily Range Indicator - another powerful indicator for MetaTrader 5 traders.
Zig Zag Pointer IndicatorAlso recommended: Session High-Low Indicator for MetaTrader - similar indicator with strong performance on MetaTrader 5.
This indicator was originally written in MQL4 and first published in 2026.
Figure 1. The Zig Zag Pointer Indicator
Source Code
/*this variant of the zigzag indicator is recalculated at each tick only at the bars
that were not calculated yet and, therefore, it does not overload cpu at all
which is different from the standard indicator. besides, in this indicator drawing of a line
is executed exactly in the zigzag style and, therefore, the indicator correctly
and simultaneously displays two of its extreme points (high and low) at the same bar!
depth is a minimum number of bars without the second maximum (minimum) which is deviation pips less (more) than
the previous one, i.e. zigzag always can diverge but it may converge
(or dislocate entirely) for the value more than deviation only
after the depth number of bars. backstep is a minimum number of bars
between maximums (minimums)........
⚠ 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.