zz levels
Info
The zz levels is a Indicator for MetaTrader 5 that the simple zigzag indicator is a good basis for automation of the technical analysis. below is a simple example of pattern recognition.
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 zz levels
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 simple zigzag indicator is a good basis for automation of the technical analysis.
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: Value Area Levels Indicator - another powerful indicator for MetaTrader 5 traders.
the simple zigzag indicator is a good basis for automation of the technical analysis. below is a simple example of pattern recognition. the zzlevels indicator uses the simple zigzag to find the boundaries of the flat, as well as the support and resistance levels.
Also recommended: SMMA Levels MTF Indicator - similar indicator with strong performance on MetaTrader 5.
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.i have already proposed a simple algorithm for searching local highs and lows implemented in . the main difference of simple zigzag from the conventional one is the much more simple and fast algorithm, as well as the single parameter — typical correction depth.
the zzlevels indicator is the development of the idea of automating analytical zigzag-based constructions. in particular, the presented indicator implements a simple algorithm for finding the borders of trading ranges, as well as the support and resistance levels.
the following inputs are used to adjust the indicator:
number of zz points analyzed — the number of non-zero values of the simple zigzag indicator buffer, analyzed by the algorithm (essentially the depth of search for levels in the indicator history). use this parameter for finding long-lasting levels.
number of times the price touches the level — the number of times the price touches the level. it is known that the more often the price touches the level, the more important that level is for technical analysis.
high/low max. deviation around level — this parameter is responsible for the precision of the level. since the price can "pierce" the level by a few points, or reverse just before reaching it, user must set the precision for the indicator to monitor the level touches.
typical retracement size — is inherited from the parent indicator — simple zigzag.
in its current form the indicator still can not be used for automated trading. at the same time, it perfectly illustrates the idea of automating graphic plots of technical analysis on the basis of simple algorithms based on finding local highs and lows. in addition, it helps to find the range borders and support/resistance levels in "manual" trading.
You may also like: Tirone Levels: Support and Resistance Indicator - 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 1
#property indicator_plots 1
#property indicator_label1 "myzigzag"
#property indicator_type1 draw_section
#property indicator_color1 clrblack
#property indicator_style1 style_solid.......
⚠ 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.