Discussing the article: "Price Action Analysis Toolkit Development (Part 19): ZigZag Analyzer"

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Check out the new article: Price Action Analysis Toolkit Development (Part 19): ZigZag Analyzer.

Every price action trader manually uses trendlines to confirm trends and spot potential turning or continuation levels. In this series on developing a price action analysis toolkit, we introduce a tool focused on drawing slanted trendlines for easy market analysis. This tool simplifies the process for traders by clearly outlining key trends and levels essential for effective price action evaluation.

A trend line is a sloping line that connects significant price points, typically higher lows or lower highs, and projects into the future as a support or resistance level. It indicates the likely direction and momentum of price movements. To draw a trendline, begin by identifying the overall market direction. An uptrend is characterized by a sequence of higher highs and higher lows, whereas a downtrend is marked by lower highs and lower lows. For illustrative purposes, consider a chart showing a downward pattern, where you would connect the descending swing highs to establish the trendline. During price consolidation, the formation of multiple trend lines can reveal patterns that strengthen trading signals. Below is a pictorial representation.

Uptrend

Fig 1. Trendlines

The chart illustrates two key concepts: support and resistance. A support level is an area where downward price movement often stalls because buyers become active enough to absorb selling pressure. When trendlines are applied, support is typically shown by upward-sloping lines that connect important low points. In contrast, a resistance level is an area where upward price movement frequently pauses due to intensified selling pressure. With trendlines, resistance is represented by downward-sloping lines that link significant high points. Traders frequently draw trend lines across multiple time horizons to identify whether a market is moving upward or downward over short, medium, or long durations.
Trend lines are a valuable tool in technical analysis because they help market participants gauge the overall direction of an asset’s price. By connecting significant highs or lows over a chosen timeframe, these lines visually represent whether the market is moving upward, downward, or sideways. This insight is especially useful for traders and short-term investors who rely on price trends to guide their decisions.

Author: Christian Benjamin

 
>Hi Cristina, greetings.

I find this indicator very interesting. It would help me a lot in my technical analysis, since I spend the most time on it to find the right trend, support, and resistance. I downloaded the code, and it compiled correctly, but when I added it to the chart, no information is reflected. Am I doing something wrong? I've attached a video again. Regards.
 
diego herrera #:
>Hi Cristina, greetings.

I find this indicator very interesting. It would help me a lot in my technical analysis, since I spend the most time on it to find the right trend, support, and resistance. I downloaded the code, and it compiled correctly, but when I added it to the chart, no information is reflected. Am I doing something wrong? I've attached a video again. Regards.

Hie diego herrera 

 
diego herrera #:
>Hi Cristina, greetings.

I find this indicator very interesting. It would help me a lot in my technical analysis, since I spend the most time on it to find the right trend, support, and resistance. I downloaded the code, and it compiled correctly, but when I added it to the chart, no information is reflected. Am I doing something wrong? I've attached a video again. Regards.
I believe the problem may stem from the location of the ZigZag indicator. Please try moving it into the main indicators folder. If the issue persists, kindly share the MQL5 logs from the Experts tab after running the program. Apologies for the delayed response.
 
I think the problem is the zigazag indicator is not included in the down load , I am not sure which one Christain refers to but you can use the zigzag indicator from examples if you need it as the custom indicator 
 
diego herrera #:
>Hi Cristina, greetings.

I find this indicator very interesting. It would help me a lot in my technical analysis, since I spend the most time on it to find the right trend, support, and resistance. I downloaded the code, and it compiled correctly, but when I added it to the chart, no information is reflected. Am I doing something wrong? I've attached a video again. Regards.

try this

int OnInit()
  {
   zzHandle = iCustom(_Symbol, InpTimeFrame, "Examples\\ZigZag", ZZ_Depth, ZZ_Deviation, ZZ_Backstep);
   if(zzHandle == INVALID_HANDLE)
     {
      Print("Error creating ZigZag handle");
      return(INIT_FAILED);
     }
     
   ChartIndicatorAdd(0, 0, zzHandle);
   return(INIT_SUCCEEDED);
  }
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