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2008.05.17 05:41
Indicators

Pattern Searching ZigZag - indicator for MetaTrader 4

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Special Features:
1. Search for ZZ breaks - only at the availability of a maximum or minimum of the approximating curve (Snake), other extremums should be skipped as irrelevant.
2. ZZ is calculated on a larger timeframe (file named SZZ_without_ZZ.mq4 is responsible for this) and built on a smaller one (file SZZReader.mq4). This, along with par.1, allows us to decrease the amount of "redrawings", as well as to avoid including "redundant" breaks and, partly, artificial stop-level touching extremums, into ZZ. Besides, the use of ZZ on a smaller timeframe will allow us to calculate the proportions between horizontal projections of sections more precisely.
3. The forming section of ZZ does not roll back from the reached levels, as the price does, but fixes them in order not to “distort” the proportions of shape development (in a case of turn, a new ZZ break will be formed on the latest of the reached levels, this development "alternative" is fixed with a "rubber-band").


All this allows us, on the one hand, to track the pattern development:

and, on the other hand, when fixing a possible new ZZ break, to estimate the possibility of pattern development completion comparing it with the turning shapes:

To work with the program, save both files, SZZ_without_ZZ.mq4 and SZZReader.mq4 in the indicators folder, open in MetaEditor and compile. The programs are developed for Tester, but they can also work in the real-time mode (I hope).

To start using them, load SZZReader in the current window. Parameter SeniorTF will set the timeframe for ZZ calculation. There must be available quotes from a larger timeframe to build ZZ on the selected timeframe.

For example, if we are going to calculate ZZ on Н1 and draw it on М5, we should start SZZReader in the М5 window, having specified extern int SeniorTF=60;

Note: The attached indicators are basic ones, they only draw ZZ itself and a "rubber-band". Neither templates of turning shapes nor the function searching patterns, nor building and calculating of additional relations between ZZ breaks are available in these indicators.


Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/7742

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