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New article The ZigZag Indicator: Fresh Approach and New Solutions is published at mql5.com:
The article examines the possibility of creating an advanced ZigZag indicator. The idea of identifying nodes is based on the use of the Envelopes indicator. We assume that we can find a certain combination of input parameters for a series of Envelopes, whereby all ZigZag nodes lie within the confines of the Envelopes bands. Consequently, we can try to predict the coordinates of the new node.
Every trader surely knows the ZigZag indicator intended for the analysis of price movements of given or greater amplitude. A ZigZag line is a broken line whose nodes are located at highs and lows of the price chart.
There are many variations of this indicator. Yet, a lot of MQL5 program developers are keen on creating their own 'ideal' ZigZag.
We will set an objective: to find coordinates of two nodes - the current and the predicted node (Fig. 1). The current node is a node that is not yet completed whose coordinates are still being searched for or adjusted. Moreover, it is always on the current (zero) bar. While being in the future, a predicted node must show the estimated level of the next ZigZag node.
Fig. 1. Predicting new ZigZag nodes: the current node and the next node.
Author: Sergey Pavlov