Zig Zag Original candles for MQL5
This indicator was the logical continuation of the product https://www.mql5.com/en/market/product/13614.
It resulted in a tool, that does not redraw, is easily customizable to your needs, and displays important maximums and minimums of the price movement objectively.
The main feature of this indicator is the smoothing of insignificant price movements and fixation of the moment the movement direction changes, as you can see from the attached screenshots.
Given the fact that the synthetic candlesticks consider the market price fluctuations on small timeframes, the indicator can be used for scalping. In all cases, you must keep in mind that a good result can be achieved only with adequate training on a demo account.
When using each of the ZigZag models, users are able to manage support and resistance levels formed by the indicator's tops and bottoms. This makes trading on lower timeframes more attractive.
- MinBars - number of bars for calculation. Default - 1 000. 0 - all available history;
- Bullish_candle - bullish candle. Default - Blue;
- Bearish_candle - bearish candle. Default - Red;
- Line_candle - line. Default - Green;
- Fill color candles - fill candles with a color. Default - disabled;
- InpModeCandels - candle display model (accurate or rough). Accurate is selected by default;
- InpModelZig - ZigZag display model (thorough, standard, or double). Thorough is selected by default.
1. InpModeCandels parameter allowing you to select candle display model;
2. InpModelZig parameter allowing you to select ZigZag display model.
The last forming candle has a color filling model different from a user-defined one. After the candle is formed, the model returns to the defined parameters. This facilitates tracking the new candle generation phase.