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ZigZagLW4

This is an implementation of an idea described in Larry Williams' "Long-Term Secrets to Short-Term Trading".

The first figure displaying the basic principle has been taken from that book.


Operation Principles

The indicator applies optimized calculation algorithms with the maximum possible speed for non-redrawable indicator. In other words, the zigzag's last shoulder is formed right after the appropriate conditions occur on the market. The shoulder does not change its direction afterwards (can only continue).


Indicator parameters

Figure 2 displays the indicator's settings menu, where:

  • MEM1, MEM2, MEM3 serve only as reminders, nothing should be specified here;
  • Mode_short_term - short-term level calculation mode, possible modes:
    • 0 - original algorithm described by Larry Williams in his book;
    • 1 - simple zigzag with the minimum reversal step;
  • Distance - minimum reversal step in points used only when Mode_short_term=1;
  • Medium_term, Long_term1, Long_term2, Long_term3 - flags for enabling/disabling calculations for the appropriate levels. If some definite level is disabled, all subsequent ones should be disabled as well. For example, if Long_term1=false, then Long_term2=false and Long_term3=false.

Tip: If you use the indicator in visual mode, set None in settings menu of Colors tab (Fig. 3) to delete a line of a certain level from the chart. This allows deleting the lines in random order.


Examples

Figures 4, 5 and 6 show how the lines are added consistently.

The page https://www.mql5.com/en/code/19646 provides a link to an Expert Advisor which uses the ZigZagLW indicator, which in turn is a logical extension of the indicator presented here (available only for MetaTrader 5).

Note: The similar MQL5 indicator is also available.

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ACTUALMENTE 31% DE DESCUENTO Este indicador es una herramienta de transacción única, de alta calidad y asequible porque hemos incorporado una serie de características propias y una fórmula secreta. Con solo un gráfico, da Alertas para los 28 pares de divisas. ¡Imagina cómo mejorarás porque puedes identificar el punto de activación exacto de una nueva tendencia u oportunidad de crecimiento! Basado en nuevos algoritmos subyacentes , hace que sea aún más fácil identificar y confirmar operaciones po
How to use Pair Trading Station Pair Trading Station is recommended for H1 time frame and you can use it for any currency pairs. To generate buy and sell signal, follow few steps below to apply Pair Trading Station to your MetaTrader terminal. When you load Pair Trading Station on your chart, Pair Trading station will assess available historical data in your MetaTrader platforms for each currency pair. On your chart, the amount of historical data available will be displayed for each currency pai
Currency Strength Exotics
Bernhard Schweigert
4.88 (33)
¡ACTUALMENTE 20% DE DESCUENTO ! ¡La mejor solución para cualquier operador novato o experto! Este indicador está especializado en mostrar la fuerza de la divisa para cualquier símbolo como Pares Exóticos, Materias Primas, Índices o Futuros. Es el primero de su clase, cualquier símbolo se puede añadir a la 9 ª línea para mostrar la verdadera fuerza de la moneda de Oro, Plata, Petróleo, DAX, US30, MXN, TRY, CNH etc. Se trata de una herramienta de trading única, de alta calidad y asequible por
Top Bottom Tracker es un indicador basado en sofisticados algoritmos que analiza la tendencia del mercado y puede detectar los máximos y mínimos de la tendencia / Versión MT5 . El  precio se incrementará progresivamente hasta llegar a los 500$. Siguiente precio --> 99$ Características No repinta Este indicador no cambia sus valores cuando llegan nuevos datos Pares de trading Todos los pares de forex Temporalidad   Todas las temporalidades Parámetros ==== Configuración del indicado
TPA True Price Action indicator reveals the true price action of the market makers through 100% non-repainting signals (except early signals mode) strictly at the close of a candle! TPA shows entries and re-entries, every time the bulls are definitely stronger than the bears and vice versa. Not to confuse with red/green candles. The shift of power gets confirmed at the earliest stage and is ONE exit strategy of several. There are available now two free parts of the TPA User Guide for our custo
GOLD Impulse with Alert
Bernhard Schweigert
4.56 (9)
Este indicador es una super combinación de nuestros 2 productos Advanced Currency IMPULSE with ALERT  +   Currency Strength Exotics . ¡Funciona para todos los marcos de tiempo y muestra gráficamente el impulso de fuerza o debilidad para las 8 divisas principales más un Símbolo! Este Indicador está especializado en mostrar la aceleración de la fuerza de la divisa para cualquier símbolo como Oro, Pares Exóticos, Materias Primas, Índices o Futuros. Es el primero de su clase, cualquier símbol
Day Trader Master es un sistema de comercio completo para comerciantes de día. El sistema consta de dos indicadores. Un indicador es una señal de flecha para comprar y vender. Es el indicador de flecha que obtienes. Le proporcionaré el segundo indicador de forma gratuita. El segundo indicador es un indicador de tendencia especialmente diseñado para usarse junto con estas flechas. INDICADORES ¡NO REPETIR Y NO TARDE! El uso de este sistema es muy sencillo. Solo necesita seguir las señales de flech
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This is a functional extension of the ZigZagLW4 indicator. It detects the beginning of a new trend signaling of a new indicator line shoulder of a specified level. This is a stand-alone indicator, which means you do not need the activated ZigZagLW4 indicator for correct operation. Algorithm logic To understand the logic of the indicator, let's take a look at the screenshots consistently displaying the conditions for the signals formation. The chart has ZigZagLW4 indicator with the Short_term a
ZigZagLW
Gayrat Madumarov
ZigZagLW - Brief Description This is an implementation of an idea described in Larry Williams' "Long-Term Secrets to Short-Term Trading". The first figure displaying the basic principle has been taken from that book. Operation Principles The indicator applies optimized calculation algorithms with the maximum possible speed for non-redrawable indicator. In other words, the zigzag's last shoulder is formed right after the appropriate conditions occur on the market. The shoulder does not change i
ZigZagLW Addition
Gayrat Madumarov
1 (1)
This is a functional extension of the ZigZagLW indicator. It detects the beginning of a new trend signaling of a new indicator line shoulder of a specified level. This is a stand-alone indicator, which means you do not need the activated ZigZagLW indicator for correct operation. Algorithm logic To understand the logic of the indicator, let's take a look at the screenshots consistently displaying the conditions for the signals formation. The chart has ZigZagLW indicator with the Short_term and
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Versión 1.1 2017.10.17
Fixed an error that occurred when switching timeframes and downloading history.