Zig Zag with Fibonacci Fan Indicator
Info
The Zig Zag with Fibonacci Fan Indicator is a Indicator for MetaTrader 5 that indicator that allows building on the last two zigzags. Zig Zag with Fibonacci FanThis indicator analyzes the last two completed zigzags on your chart, providing a foundation for applying Fibonacci fan principles.
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 with Fibonacci Fan 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
Indicator that allows building on the last two zigzags.
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: SMC Order Block Detector with Alert for MT5 - another powerful indicator for MetaTrader 5 traders.
Indicator that allows building on the last two zigzags.Also recommended: SAX Forecaster: Predictive Market Analysis with Symbolic Strings - similar indicator with strong performance on MetaTrader 5.
Zig Zag with Fibonacci Fan
This indicator analyzes the last two completed zigzags on your chart, providing a foundation for applying Fibonacci fan principles. It helps in identifying potential support and resistance levels based on these recent price movements.
Features:
- Analyzes the two most recent zigzags.
- Assists in applying Fibonacci fan principles.
- Aids in identifying potential support and resistance areas.
Compatibility: MT4, MT5
Last Updated: 2026
You may also like: Breakout Distance - Donchian Channel with Distance-to-Trigger Panel in ATR Units - excellent alternative for indicator users on MetaTrader 5.
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!
nikolay kositsin
depth is a minimum number of bars without the second maximum (minimum).......
⚠ 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.