Zigzag Multi Indicator for MT4 and MT5

Written by Dominic Walsh · Published 17 Jul 2026 · Last updated 24 Sep 2026

A zigzag shows swings; this one also measures them. The zigzag multi indicator joins swing highs and lows that sit at least 80 points apart, then prints a panel listing the last eight legs with their size in pips and length in bars, plus the average up leg, down leg and duration.

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 Swing
Alerts	popup, push notification, email, sound
Inputs	22

What the file declares

A zigzag line and a statistics panel.

`ZigZag Swing` traces dark orange at width 2.

`ShowPanel` adds the leg table in the corner.

`UpLegColor` `clrSpringGreen` colours up legs.

`DnLegColor` `clrTomato` colours down legs.

`HeaderColor` `clrGold` colours the header.

• ZigZag Swing: section, dark orange, width 2

The method

Pivots

`Depth` `24` bars on each side confirm a swing. `Backstep` `4` keeps pivots at least four bars apart.

Filtering

A new swing must move `Deviation` `80` points from the last. A higher high replaces the previous high instead of adding a leg.

Statistics

`StatsLegs` `8` legs fill the table. Averages cover up legs, down legs and bars per leg.

What matters on screen

Each line segment is one leg.

The table lists legs newest first.

Average legs show typical swing size.

Average duration shows typical swing length.

The last leg can still extend.

`MaxBars` `2500` limits the scan.

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

A newly confirmed swing reports with the size of the leg it ended. `EnableAlerts` is the master switch, and only the popup delivers by default.

Every Zigzag Multi Indicator input

Core settings

Setting	What it does	Default
Depth	Pivot half-width (bars each side). Bars on each side of a pivot, `24`.	24
Deviation	Min move between pivots (points). Smallest move between pivots in points, `80`.	80
Backstep	Min bars between pivots. Bars between pivots, `4`.	4
StatsLegs	Legs listed in the panel (N). Legs listed, `8`.	8

Display settings

Setting	What it does	Default
ZzColor	ZigZag line colour. Zigzag colour, `clrDarkOrange`.	dark orange
ZzWidth	ZigZag line width.	2
ShowPanel	Show swing-statistics panel. Show the leg table, `true`.	on
PanelX	Panel X (pixels).	12
PanelY	Panel Y (pixels).	22
FontSize	Panel font size.	9
FontName	Panel font. Panel font, `”Consolas”`.	Consolas
HeaderColor	Header text colour.	gold
UpLegColor	Up-leg text colour.	spring green
DnLegColor	Down-leg text colour.	tomato
PanelBgColor	Panel background colour.	black

Alert settings

Setting	What it does	Default
MaxBars	Max bars to scan. Bars scanned, `2500`.	2500
EnableAlerts	Master alert switch, `true`.	on
EnablePopup	Popup, `true`.	on
EnablePushNotify	(see inputs panel)	off
EnableEmail	(see inputs panel)	off
EnableSound	(see inputs panel)	off
SoundFile	(see inputs panel)	alert.wav

Choosing a market

A 24-bar depth gives swings of a few days on hourly charts. EURUSD H1 is the reference chart. On M15 the same depth covers a session. On D1 each leg spans weeks.

Limits worth knowing

The newest leg can still redraw.

Averages depend on the depth setting.

Eighty points is small on volatile pairs.

Only the popup is on at the start.

Copy the compiled Zigzag Multi 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: Multi-Timeframe Strategy.

Background reading on the method behind the Zigzag Multi Indicator: Zig Zag Indicator at Investopedia, Swing trading on Wikipedia.

Download the Zigzag Multi Indicator for MT4 and MT5

The zip holds the compiled Zigzag Multi 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

What does Depth 24 decide?

How big a swing must be in bars. A high needs 24 lower bars on each side, so only swings of several days show on an hourly chart.

Why can the newest ZigZag Swing leg move?

Until the next opposite swing confirms, a new higher high replaces the last high. The final segment keeps stretching until the turn is locked in by a swing the other way.

What does the StatsLegs panel’s AVG DURATION line show?

The average number of bars per leg across the listed legs. It tells you how long a typical swing lasts on that chart and setting.

Is a Deviation of 80 points right for gold charts?

Usually not. Eighty points is eight pips on EURUSD but tiny on gold or indices, where it lets small wiggles through. Raise it until the legs match the swings you care about.

Are results guaranteed?

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