This technical indicator shows М & W Wave Patterns by Merrill and support/resistance levels drawn at extreme points of the standard ZigZag indicator. A. Merrill classified five-pointed shapes based on the order of the points from top to bottom, and created an orderly classification model M & W Waves. Here they are:
The dynamic pattern by A. Merrill is the pattern that can vary over time. The dynamic pattern is on the first four right zigzag rays. In this indicator all patterns are considered dynamic. To provide this condition, the concept of mutation of waves was artificially introduced (see below) and the algorithm of the classic Zigzag indicator was slightly modified.
As for the core of the extreme search algorithm - Zigzag, this algorithm is a "temporary (quick) decision" and certainly requires replacement. Since most of the errors are associated with pattern detection NOPATTERN (see in enum NamePattern in the MyCPattern.mqh file) - this is an error of the search engine.
Evolution and Mutation of Waves
Evolution - change of the dynamic pattern, which still stays in the same wave family. Evolution of M-Wave patterns:
Evolution of W-Wave patterns:
Mutation - change of the dynamic pattern, which then moves to another wave family. Mutation of M-Wave patterns:
Mutation of W-Wave patterns:
Note: Prediction algorithm considers that a mutation results in the youngest shape of the evolution, and the evolution/mutation counter is aware of the possible nonsequential mutation/evolution. For example, mutation in the middle and senior shape. This is achieved by selecting specific values in the bit-mask enum NamePattern (see MyCPattern.mqh). If you want to use the evolution/mutation counter - do not change enum NamePattern.
This indicator shows М & W Wave Patterns by Merrill and support/resistance levels on a chart. The indicator is recalculated on each new history bar (to save CPU time when rendering objects). The names of all objects are pseudo-random. The indicator calculates the predicted price movements based on the expectations of a private (serial) evolution/mutation of waves. The indicator includes a counter of pattern model efficiency.
Test version 1.02:
Search engine, classic Zigzag;
Prediction model: level 0 (sequential evolution/mutation);
Model counter: level 0 (Algorithm: "I count only what I see, I don't know what was before...". Statistics is displayed after the 11th shape appears).
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/7050
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