Forex Pattern Searching ZigZag Indicator
Forex Pattern Searching ZigZag Indicator;
Special Features:
1. Search for ZZ breaks – only at the availability of a maximum or minimum of the approximating curve (Snake), other extremums should be skipped as irrelevant.
2. ZZ is calculated on a larger timeframe (file named SZZ_without_ZZ.mq4 is responsible for this) and built on a smaller one (file SZZReader.mq4). This, along with par.1, allows us to decrease the amount of “redrawings”, as well as to avoid including “redundant” breaks and, partly, artificial stop-level touching extremums, into ZZ. Besides, the use of ZZ on a smaller timeframe will allow us to calculate the proportions between horizontal projections of sections more precisely.
3. The forming section of ZZ does not roll back from the reached levels, as the price does, but fixes them in order not to “distort” the proportions of shape development (in a case of turn, a new ZZ break will be formed on the latest of the reached levels, this development “alternative” is fixed with a “rubber-band”).
To work with the program, save both files, SZZ_without_ZZ.mq4 and SZZReader.mq4 in the indicators folder, open in MetaEditor and compile. The programs are developed for Tester, but they can also work in the real-time mode (I hope).
To start using them, load SZZReader in the current window. Parameter SeniorTF will set the timeframe for ZZ calculation. There must be available quotes from a larger timeframe to build ZZ on the selected timeframe.
For example, if we are going to calculate ZZ on Н1 and draw it on М5, we should start SZZReader in the М5 window, having specified extern int SeniorTF=60;
Note: The attached indicators are basic ones, they only draw ZZ itself and a “rubber-band”. Neither templates of turning shapes nor the function searching patterns, nor building and calculating of additional relations between ZZ breaks are available in these indicators.
What does Forex Indicator mean?
A forex indicator is a statistical tool that currency traders use to make judgements about the direction of a currency pair’s price action. Forex indicators come in many types, including leading indicators, lagging indicators, confirming indicators and so on. Popular forex indicators include moving averages, relative strength index (RSI) and average true range (ATR). A forex trader must choose the indicators that fit his or her trading strategy.
How to install Forex Pattern Searching ZigZag Indicator?
- Download Forex Pattern Searching ZigZag Indicator.zip
- Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
- Copy tpl file (Template) to your Metatrader Directory / templates /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your forex indicator
- Load indicator on your chart
How to uninstall Forex Pattern Searching ZigZag Indicator?
To shut down an indicator, one has to remove it from the chart. At that, its drawing and recalculation of its values will stop. To remove an indicator from the chart, one has to execute its context menu commands of “Delete Indicator” or “Delete Indicator Window”, or the chart context menu command of “Indicators List – Delete”.
