Market / MetaTrader 4 / Indicators /

Bank ZigZag MT4

30 USD

Demo downloaded: 2

Published: 30 July 2024

Current version: 1.0

Bank ZigZag MT4

Indicators
-hang Yin
-hang Yin
China

715
Version: 1.0
Activations: 20

The Zigzag indicator can help traders identify and confirm the main trends and reversal points in price movements. By connecting significant high and low points, the Zigzag indicator can clearly display the overall trend of the market, helping traders make wiser decisions when analyzing price behavior.

Supports any time period.

I have added a quick control panel in the bottom left corner for it. When multiple different Bank series indicators are enabled at the same time, the control panel can quickly switch between displaying/hiding each indicator, so that the chart does not display many indicators at the same time and appear messy.

Parameter description:

Indicator ID: The unique ID of the indicator. When starting multiple instances, this ID must be unique and cannot be duplicated.
Control Panel Pos X: The X position of the indicator control panel.
Control Panel Pos Y: The Y position of the indicator control panel.
Control Panel Disappay Name: The text content displayed in the indicator control panel.

Depth: Set the depth. This parameter determines the minimum quantity required to identify fluctuations in price trends. A larger Depth value means that the Zigzag indicator will only draw new highs or lows after a certain level of price fluctuation. In short, Depth controls the sensitivity of the Zigzag indicator to price changes, with larger values indicating less sensitivity of the indicator.
Deviation: Set the amplitude. This parameter controls the minimum amplitude of the Zigzag indicator during price fluctuations. Only when the price fluctuation exceeds this deviation value, will the indicator mark a new high or low point. By adjusting Deviation, traders can filter out small price fluctuations to more clearly identify major trends.
Backstep: This parameter determines the allowed retracement range of the Zigzag indicator when confirming a new high or low point. Backstep sets how many steps the price must retrace before forming a new wave point. If the price rebounds after a pullback and continues to move in its original direction, the Zigzag indicator will confirm a new trend point.

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Bank ZigZag MT4

-hang Yin