Autoscaling Zigzag - indicator for MetaTrader 5

A zigzag which identifies new swing points based on a step size. The sensitivity of the swing detection is controlled by a single input "scale," which adjusts how responsive the indicator is to price changes.

The step size defines the minimum price movement required to reverse the current wave direction. It determines the threshold of price movement needed before the swing direction is considered to have changed.

The traditional Zigzag indicator uses a "depth" parameter to define the minimum number of price bars needed for a swing reversal, while this indicator focuses on the price movement itself.But despite this difference, the functionality is quite similar as there is a leg continuation until the new swing is confirmed. It should be used for swing analysis.

It is a conversion of an MT4 indicator by Evgeniy Chumakov.

The original MT4 indicator can be found here: https://www.mql5.com/en/code/54274

increasing the scale value will make the zigzag more sensitive to price changes, and thus, there will be more zigzag points the higher the scale value.

A default scale input of 1.0 was primarily designed for currency pairs. 

For XAUUSD, you can start with a scale input of 3000 and work up from there.

For BTCUSD, you can start with a scale input of 25000 and work up from there.

For other types of markets, you will have to use trial and error to find an appropriate starting scale value.