ZigZag with Fibonacci
- Indicators
- Version: 1.0
- Activations: 5
This indicator uses the metaquotes ZigZag indicator as base to plot fibonacci extension and fibonacci retracement based in the Elliot waves.
A fibonacci retracement will be plotted on every wave draw by the ZigZag.
A fibonacci extension will be plotted only after the 2nd wave.
Both fibonacci will be updated over the same wave tendency. Supporting until 9 consecutive elliot waves.
Parameters:
- Depth: How much the algorithm will iterate to find the lowest and highest candles
- Deviation: Amount of points variation that will be ignored
- Back Step: Maximum of candles to back for retracing (zigzag pattern is a lot less confuse with this correction enabled)
One last thing: The Data Window will indicates the zigzag levels and the fibonacci marks. The last data is the wave type code (MT5 only allows float numbers) that can be converted as:
| Wave Mark | Elliot Wave |
|---|---|
| 0 | The first (up or down) |
| 2 | The second wave up (retraction) |
| -2 | The second wave down (retraction) |
| 3 | The third wave up (extension) |
| -3 | The third wave down(extension) |
| 4 | The fourth wave up (retraction) |
| -4 | The fourth wave down(retraction) |
| 5 | The fiveth wave up (extension) |
| -5 | The fiveth wave down(extension) |
| 6 | The sixth wave up (retraction) |
| -6 | The sixth wave down(retraction) |
| 7 | The seventh wave up (extension) |
| -7 | The seventh wave down(extension) |
| 8 | The eighth wave up (retraction) |
| -8 | The eighth wave down(retraction) |
| 9 | The nineth wave up (extension) |
| -9 | The nineth wave down(extension) |
