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
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
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