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ZigZag with Extras for MT5

5

This indicator is based on the original ZigZag provided as a source code example with MetaTrader installations.

I rewrote it with some extra features for displaying the “depth” channel and the respective break-outs. It also allows one to observe prior zig-zag points.

Optionally, it can alert the user when break-outs occur. The alerts can be simply on the terminal or also via push notifications on a mobile device, with your own custom text.

Reviews 1
Conor Mcnamara
1168
Conor Mcnamara 2023.09.11 21:02 
 

This was fun to run in the strategy tester. I would actually say that this could be one of the strongest signal indicators out there. The zig zag alone famously repaints, but this version may actually alert you at the point of divergence along with a useful trailing stop/trend line

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This indicator implements the original “ Average True Range (ATR) ” developed by John Welles Wilder Jr. , as described in his book— New Concepts in Technical Trading Systems [1978] . It uses Wilder’s moving average , also known as the smoothed moving average (SMMA) , instead of a simple moving average (SMA) as used on MetaTrader’s built-in ATR indicator. The default period applied is 7, instead of 14, as per the description in his book.
FREE
Most traders are aware of the famous Japanese Heikin-Ashi indicator, created in 1700s by Munehisa Homma . It is sometimes spelled Heiken-Ashi , but its meaning remains the same, namely “average bar” in Japanese. This is an implementation of that very well known Heikin Ashi indicator, but with a few added features. For one, it allows for its values to be weighted by the volume , be it the tick-count volume , real volume , or pseudo-volume based on the true range. The major benefit is to reduce th
This indicator is based on the original ZigZag provided as a source code example with MetaTrader installations. I rewrote it with some extra features for displaying the “depth” channel and the respective break-outs. It also allows one to observe prior zig-zag points. Optionally, it can alert the user when break-outs occur. The alerts can be simply on the terminal or also via push notifications on a mobile device, with your own custom text.
Most traders are aware of the famous Japanese Heikin-Ashi indicator, created in 1700s by Munehisa Homma . It is sometimes spelled Heiken-Ashi , but its meaning remains the same, namely “average bar” in Japanese. This is an implementation of that very well known Heikin Ashi indicator, but with a few added features. For one, it allows for its values to be weighted by the volume , be it the tick-count volume , real volume , or pseudo-volume based on the true range. The major benefit is to reduce th
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Conor Mcnamara
1168
Conor Mcnamara 2023.09.11 21:02 
 

This was fun to run in the strategy tester. I would actually say that this could be one of the strongest signal indicators out there. The zig zag alone famously repaints, but this version may actually alert you at the point of divergence along with a useful trailing stop/trend line

Fernando Carreiro
31288
Reply from developer Fernando Carreiro 2023.09.11 21:03
🙏Thank you!
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