zigzag question

New comment
 

Hi all!

I am trying to understand the parameters of the custom indicator ZigZag. I am not familiar with it and am currently studying the code to become familiar with it.

If anyone has experience with custom indicators specifically ZigZag and has the time to share their knowledge of it please feel free to respond to this topic by adding a post or private messaging me.

Thank you.

 
What would you like to know about it?
 

Hi ubzen!

First I will inform you of my objective...

Objective = Ultimately rewrite zigzag.

1. Color indicator buffer 1 blue when moving up and color indicator buffer 2 red when moving down.

2. Create "fractals" of color red when new upper is met and create "fractals" of color blue when new lower is met.

3. Write bid prices above "fractals" of color red and Write ask prices below "fractals" of color blue.

I suppose since I shared my objective with you, it is up to you on how you will choose to respond.

Thank you!

 
ZigZag has been beat to death in Articles. Have you tried reading some of them?
 

@ ubzen.

Yes. I am going through the code of zigzag between our communications.

Obviously flaab has written an indicator similar to my specifications for my objective https://www.mql5.com/en/forum/138473, but in order to be completely understand this indicator, I must have every detail down to a T. This means that I must fully understand the indicator functions and code. My current background with writing, using custom indicators, and laying custom indicator code in expert advisors is less experienced than other fields of my programming knowledge.

 
I wouldn't recommend trying to create flaab's system because of some back-test results. The system he's recently showing, he'd be trying to perfect for sometime now, example here. Somehow that system never shows a Live result . . . humm wonder why!!
 
You are exactly right. I am not trying to create a "scalper" that grabs pips by volatility. I am trying to develop a strategy that grabs pips at support and resistance levels, then if price continues leave part of the order open as support and resistance for the trend is not broken. When support and resistance is broken, then close the second part of the order. This is a legit strategy and I am almost very confident will work. The concept of the strategy that I will create is simple. It will work in ranging markets and if the ranging market continues up or down, leave part of the order open until resistance/support is broken. Its a very simple concept of being market adaptable. I have been working on this for quite some time now. :)
 
Let me see your Support/Resistance Level in Code. You gotta start somewhere.
 
Resistance/Support will be zigzag's uppers and lowers. I believe that the reason why the default indicator zigzag is not profitable is because many traders do not recognize the past highs and lows that the indicator makes could be used as resistance/support. https://www.mql5.com/en/forum/141225 This will be a strategy that will be for the long haul and not a profitable today and not profitable scalper in a couple weeks or months. As any seasoned trader knows that scalping markets can change, but what always statys the same? The fact that support and resistance levels still remain.
 
On what timeframe M1?
 

Timeframe shouldn't matter. I suppose testing purposes should be run on higher timeframes like m30,h1,or h4. The only difference that timeframes make is the amount of loss that you can receive for each trade. Obviously as written...


small timeframes = less loss; (sometimes more false signals)

larger timeframes = more loss; (more volatility, but watch out for reversals... Yikes ;) )

typically.

123
New comment
Reason: