Advanced ZigZag MT4
Advanced ZigZag is an improved version of ZigZag for those who value quality, reliability and accuracy of calculations.
ZigZag is a technical indicator that connects important symbol chart extremums allowing you to analyze the market state. If the current ZigZag tops and bottoms are higher than the previous ones at the rising trend, the uptrend remains. If the current ZigZag tops and bottoms are lower than the previous ones at the rising trend, then it is about to end. The same goes for the downtrend.
You can find several versions of the indicator both in MetaTrader 4 and on mql5.com website. However, this version has a number of advantages:
- Indicator optimization. The indicator has been completely redesigned. The indicator is based on the resource-saving algorithm. This means that the indicator recalculates only the current candle, thus increasing its operation speed compared with the built-in indicator;
- Taking into account two tops on a candle. The standard indicator does not allow you to build two tops on a single candle, thus reducing the accuracy of your analysis. Advanced ZigZag does not have such an issue;
- Algorithm quality. After trying a variety of freely available ZigZag indicators, I realized that none of them has a truly high-quality algorithm. While the ZigZag indicator is seemingly simple, considering all possible market scenarios remains quite a difficult task. Advanced ZigZag has been tested on several symbols and currency pairs and compared with other ZigZags over a long time period. It takes into account many disadvantages of these indicators;
- Managing ZigZag ray size. Added ability to set the minimum possible size of ZigZag rays;
- Simulating ZigZag rays using lower timeframe (TF) data. This is the main advantage of Advanced ZigZag. The indicator analyzes available history and selects the lowest TF having enough data for simulating the several last TF periods. This method greatly increases the indicator accuracy during initialization. This mean that the data will be simulated as if they were plotted in real time. I have not encountered this feature in any other indicator I tested.
- Managing the inputs. The indicator features the ability to manage the input parameters. This means that the indicator does not work with incorrect inputs and the appropriate message appears in the Experts tab of the Toolbox panel (Ctrl+T).
- Depth - amount of candles for searching for ZigZag high/lows. The value should be >= 1;
- Deviation - acceptable deviation from a price extremum for Depth candles (in points) to build a ZigZag. The value should be >= 0;
- Backstep - minimum amount of candles from an extremum value, within which there should be no other extremums of the same type. The value should be >= 0 and < Depth;
- Ray min size - minimum ray size. The value should be >= 0. If 0, the ray size control is disabled;
- Use jr. period - apply simulation using lower TF data. If true, simulation is enabled;
- Language - language of the indicator messages. Russian and English are available
RecommendationsDuring the download process of the indicator with simulation using the data of a smaller timeframe, the quotes in history may become out of sync. This will be written in the log. This is possible in the case when the history has been previously downloaded using the history center built into the terminal. To get rid of this warning, you can proceed in two ways:
- Reload minute quotes via the history center. In this case you will receive the quotes of the broker, the data of which is provided by the history center;
- To specifically download the quotes of the broker you work with, I have created the History Downloader MT4. It can be downloaded and used completely free of charge! All the recommendations for using it can be found on the product page.