Zig Zag Multi Indicator for Trading Indicator: Swings

Written by Dominic Walsh · Published 17 Jul 2026 · Last updated 9 Sep 2026

The zig zag multi indicator for trading indicator draws the classic swing line and adds an alert to it. Depth, deviation and backstep work exactly as they always have. What is new is the message when price cuts the last leg.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	1: ZigZag
Alerts	popup, push notification, email, sound
Inputs	9

What the Zig Zag Multi Indicator for Trading Indicator draws on the chart

A khaki `ZigZag` line joins each confirmed swing to the next.

Legs alternate between highs and lows by construction.

No arrows and no panel ship with this build.

The newest leg stays provisional until its pivot confirms.

• ZigZag: plot, khaki

How the Zig Zag Multi Indicator for Trading Indicator calculates its values

Depth finds the extreme

`Depth` `12` sets the look-back window a bar must top or bottom to register. Twelve is deeper than most defaults, so the swings it keeps are the larger ones.

Deviation filters the small ones

`Deviation` `8` points is the minimum move from the last opposite pivot. A swing that fails to travel that far never registers, which stops the line zigzagging on noise.

Backstep spaces them out

`Backstep` `3` bars must separate two pivots. Without it the line would place several extremes inside one move and the legs would become meaningless.

How to read the signals

The last leg can still move, which is true of every ZigZag ever written.

A deep depth setting produces fewer and larger swings.

The alert fires when a close crosses the current leg value.

Legs are drawn in hindsight, so they always look cleaner than they were.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

`EnableAlerts` is the parent toggle and arrives true with `EnablePopup`. Turn on `EnablePushNotify` for a handset alert, `EnableEmail` for mail, or `EnableSound` to play `SoundFile`. Those three begin false. Closed bars only.

Every Zig Zag Multi Indicator for Trading Indicator input

Core settings

Setting	What it does	Default
Depth	Look-back window an extreme must top, default `12`.	12
Deviation	Smallest move that registers, in points, default `8`.	8
Backstep	Bars that must separate two pivots, default `3`.	3

Alert settings

Setting	What it does	Default
EnableAlerts	Parent toggle for the crossing alerts, default `true`.	on
EnablePopup	Terminal box when a close cuts the leg, default `true`.	on
EnablePushNotify	Handset alert on the same event, default `false`.	off
EnableEmail	Mail on the same event, default `false`.	off
EnableSound	Sound clip on the same event, default `false`.	off
SoundFile	Clip filename, default `”alert.wav”`.	alert.wav

Settings that fit your chart

ZigZag settings are relative to the instrument. EURUSD H1 is the reference chart, where `Deviation` `8` points is a light filter. On a wider instrument raise it. Higher timeframes give fewer and much larger legs.

When the Zig Zag Multi Indicator for Trading Indicator fails

The newest leg redraws until its pivot confirms, which no setting fixes.

`Deviation` `8` counts points, so it needs changing per symbol.

A completed ZigZag always looks tradeable in hindsight and rarely was.

Copy the compiled Zig Zag Multi Indicator for Trading Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Related on forexmt4systems.com: Range Trading Strategy.

Background reading on the method behind the Zig Zag Multi Indicator for Trading Indicator: Broker-dealer on Wikipedia, MACD V Histogram at StockCharts ChartSchool.

Download the Zig Zag Multi Indicator for Trading Indicator for MT4 and MT5

The zip holds the compiled Zig Zag Multi Indicator for Trading Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

Why is Depth 12 deeper than most defaults?

It keeps only the larger swings. A shallower setting registers minor turns, which makes the line busy and the legs short. Twelve produces a structure closer to what a chart reader would mark by hand.

What does Deviation 8 actually measure?

The minimum distance in points from the last opposite pivot before a new one can register. Eight points is a light filter on a five-digit pair, so raise it on instruments with a larger point size.

Can the newest Depth 12 leg still move?

The newest leg does, and every ZigZag behaves that way. Until its pivot has enough bars on the far side, the line can extend or move. Completed legs behind it stay put.

What raises the Backstep alert?

A close crossing the current leg value, checked on completed bars. It is a simple crossing test rather than a statement about the swing structure itself.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Zig Zag Multi Indicator for Trading Indicator as one input. Always backtest before trading live.