ZigZag and Fractals MT4
ZigZag_FT is a combination of two good indicators.
The first one is ZigZag with adjustable wave height (found it in Code Base). The second on is Bill Williams' fractals.
These indicators complement each other. ZigZag is used for detecting Elliott waves, and Fractals show the structure of each wave.
The height of ZigZags can be (and it should be) adjusted depending on the timeframe the indicator is used with.
Fitted values of "Minimum points in a ray" parameter for different timeframes are listed below:
|Timeframe||Minimum poins in a ray|
|M15||21, or 210 for 5-digit quotes|
|M30||34, or 340 for 5-digit quotes|
|H1||55, or 550 for 5-digit quotes|
|H4||89, or 890 for 5-digit quotes|
If you don't like them, you can experiment with other values. But
note that with the selected values the ZigZag waves on the chart must
match the corresponding Elliott cycles. So you could see them. And the
fractals will show the structure of each wave (you can count subwaves it