Triple Body ZigZag MTF

Triple Body ZigZag MTF is a multi-timeframe ZigZag indicator for MetaTrader 5. It displays up to three independently configurable ZigZag lines on a single price chart.

Unlike a conventional ZigZag based on candle highs and lows, this indicator calculates swing points using candle bodies:

• Body High = max(Open, Close)

• Body Low = min(Open, Close)

Main Features

• Up to three independent ZigZag lines displayed simultaneously.

• Individual timeframe selection for each ZigZag.

• Two algorithms: Classic and Symmetric.

• Independent Depth, Deviation and Backstep settings.

• Custom line colors, widths and styles.

• Optional display of confirmed Classic swing points only.

• Optional current ZigZag segment, updated after each closed candle of its selected timeframe.

• Calculations based on closed candles.

Default Configuration

ZigZag 1: M1, Classic, 5/5/3, Magenta.

ZigZag 2: M5, Symmetric, 3/5/3, Red.

ZigZag 3: M15, Classic, 5/5/3, Blue, with current segment extension enabled.

Calculation Modes

Classic uses Depth, Deviation and Backstep to identify swing points based on candle bodies. An optional confirmation mode excludes the latest unconfirmed pivot.

Symmetric identifies body-based local extrema using closed candles on both sides of a potential turning point. Confirmation requires additional candles according to the selected Depth.

Current Segment

The optional current segment extends the ZigZag line to the latest closed candle of its selected timeframe. It updates as new candles close, rather than following every tick.

This segment is provisional and should not be interpreted as a confirmed turning point.

Intended Use

The indicator is designed for visual analysis of price swings and market structure across different timeframes.

It does not execute trades or provide guaranteed trading signals. Lines are drawn using chart objects rather than indicator buffers for automated reading.

Created by Igor Borshch.