Look here.... ZigZag of Orlov - MQL4 Code Base
Thanks for sharing I will check it out. RT
I have checked it out and it does give you the option to use closed candle price, but it does not follow the MT4 standard Zig Zig setting
ExtDepth = 12
ExtDeviation = 5
ExtBackstep = 3
What I am also wanting to do is filter out the spikes caused by market manipulation, so based on my idea in post 381, either the High/Low or Closed price would be used depending on how quickly the market retraced after say a news release.
What I would like to know is whether my idea can be coded into a Zig Zag indicator.
For example if High/Close allowance = 120 (seconds) and the last price bar closed within 450 seconds of the High being formed, then the indicator would use the High price point of that bar for the Zig Zag, however if bar closed within 90 seconds of the High then the closed bar value would be used. This idea could be taken a step further by adding a pip count parameter to measure the value of the spike, for example if the High/Close Pip value = 70 (pips) then the spike must be at least 70 pips between High and Closed price when the Time conditions are met if it is not the price bar High point is used because the spike was not large enough to be a Market Manipulation or News release.
You can not measure the time that way on already closed bars, so there is no acceptable way of doing it for past data. Even for current data, since it depends in zigzag on past data it would not work (it is a kind of a vicious circle)
Thank you for your reply, so an indicator cannot measure the time relationship between a High/Low and the close price of a price bar. Is there any other way that spikes can be filtered out of a Zig Zag pattern indicator, would it be possible for the indicator to take the High/Low away from the closed price in a pip value for the last closed bar and then compare that to say the average value of this same sum carried out on the previous 5 closed price bars. Then if this is found to be over a given percentage in relation to the previous 5 closed bars, we have a market spike and therefore the last bars closed position is used for the Zig Zag pattern.
I am looking for simplestZIGZAG indicator ever. But can't find it.
I take normal ZIGZAG put on my screen but it repaint and we all know this. Now i wont to see all signals: repainted signals and not repainted.
Maybe its posiblive to print dot red or green when zigzga signal show. And then dont delete this dot?
I wont to see on my chart all signals and calculate how bad repaint normal zig zag.
p.s. I dont think about NRP ZIGZAG and all of this kind. Why? Because it show anoder signal to normal standard zigzag. And it show in past.
This may be what you are looking for. You might set the minbars to your desired number. I prefer from 4 and above.
Check it out.
Thanks for your help :)
Its very usefull but this is not Normal ZIGZAG from mt4. I dont see in settings from normal zigzag.
I am looking for Standard ZIGZAG.
Zigzag i real live looks like this. I point this red dot to show what i wont to se on my screen.
It must looking like this: i want to see all repaints of zigzag. ALL:
please help. Please :)
3 semafor with kumo cloud as filter
Can you kindly add this additional rule to serve as filter against premature tops and bottoms that the zigzag would have given as signals.
1) For a HIGH zigzag signal,price MUST FIRST CLOSE ABOVE THE KUMO CLOUD
2) For a BOTTOM zigzag signal,price MUST FIRST CLOSE BELOW THE KUMO CLOUD
3) Once price is ABOVE THE KUMO, EVERY NEW ZIGZAG HIGH SIGNAL MUST BE A HIGHER PRICE THAN THE PRICE OF THE PRECEDING ZIGZAG TOP . ( THIS RULE WILL HOLD UNTIL PRICE REVERSES AND CLOSES BELOW THE CLOUD )
4) Zigzag bottom signals will also be the opposite of rule 3 above.
Finally i prefer the design of 3 SEMAFOR instead of drawing lines between swing points.
Many many thanks for your invaluable services.
Simple zigzag indicator. Mode 0 : points, Mode 1 : percent