The indicator can be useful for traders who consider the market wave structure, as well as create trading systems based only on the market structure (without indicators). The idea of the indicator and the term "market inner structure" were first presented by Mikhail (Ptero).
Upper extremums are calculated by the bars highs, while lower ones are calculated by the bars lows. Only one bar is considered on each side of the bar, on which the extremum is calculated. Extremums calculation logic is determined in ExistUp and ExistDn functions of the indicator code. Relevancy of the found extremum is determined in the process of extremums calculation, irrelevant extremums are not displayed.
In case the terminal contains a rich history, history observation depth by the indicator must be limited by QuantityOfBars parameter to prevent excessive terminal load.
This indicator was first implemented in MQL4 and published in Code Base at mql4.com 24.02.2011.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/736
ZigZag indicator version displaying results of its calculations from the larger timeframe at the current one.iGDR_Fractal_Levels
iGDR_Fractal_Levels shows the fractals average values over a certain period of time.
This indicator is based on the integral value of the trend from the fans of similar moving averages with an arithmetic progression of the smoothing period.LinearRegSlope_V1_HTF_Signal
LinearRegSlope_V1_HTF_Signal shows a trend direction as a graphic object with colored trend indication and sends alerts or audio signals in case the trend changes.