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Hi, i need a lightweight indicator, that can be used on around 30+ fx pairs at the same time. The indicator should be addible multiple times on the same chart calculating different timeframes.
My idea is inspired from ATR Value Indicator: https://www.mql5.com/en/code/21175. But instead of displaying a multiplied ATR value, i would like to display average zIgzag leg-lengths in points AND number of bars, to find the right stoploss.
So the indicator should count distances and bars for every ZigZag leg from the past n bars (input parameters). The output should be seperated in uptrending and downtrending leg-distance points and bars and merged together at the end of the list (see below).
Lets say that the indicator counts 15 up- and 15- downtrending legs, so it should count these seperate leg-distance points and bars and divide these with 15 to get the average leg-length.
Example for displaying in M15 Chart (GBPNZD) with setting ZZ_ExtDepth = 40:
Avg. uptrending bars (20000) : 50 Bars | description: avg. number of BARS in uptrending zz-legs for 20000 past bars
Avg. uptrending points (20000) : 1000 Points | description: avg. number of POINTS in uptrending zz-legs for 20000 past bars
---
Avg. downtrending bars (20000) : 60 Bars | description: same as above for downtrending zz-legs
Avg. downtrending points (20000) : 1500 Points | description: same as above for downtrending zz-legs
---
Avg. merged bars (20000) : 55 Bars | description: (uptrending bars + downtrending bars) / 2
Avg. merged points (20000) : 1250 Points | description: (uptrending points + downtrending points) / 2
---
StopLoss (3) : 417 Points | description: (merged points / 3)
Values with example input parameters (inputs should be free to choose):
General settings
Timeframe = current, M1, M3, M5 .... so on
BarsBack = 20000
ZZ_ExtDepth = 40
ZZ_ExtDeviation = 5
ZZ_Backstep = 3
SL_Divider = 3
Display settings
Font_size = 15
TextColor = colorpicker
TextCorner = Left Lower
Offset_x = 150
Offset_y = 150
greets