The original 3 Level ZZ Semafor for MT5

The 3 Level ZZ Semafor is a legendary technical analysis tool now optimized for MetaTrader 5. It is a sophisticated fractal system that overlays three separate ZigZag indicators with different periods onto a single chart.

This indicator helps traders visualize market structure by identifying Highs and Lows across three different magnitudes: short-term, medium-term, and long-term trends. It is widely used for Elliott Wave counting, identifying Support & Resistance, and spotting potential market reversals.

How It Works

The indicator displays numbered "Semafor" (semaphore) signals on the chart peaks and valleys:

• Level 1 (Smallest / Chocolate): Represents minor price fluctuations and short-term trends.

• Level 2 (Medium / Violet): Represents intermediate market corrections and waves.

• Level 3 (Largest / Yellow): Represents major trend reversals and significant structural Highs/Lows.

Key Features

• 3-in-1 Logic: Combines three ZigZag calculations (Fast, Medium, Slow) into one clean interface.

• Fibonacci Default Settings: Comes pre-loaded with Period settings 5, 13, and 34 for natural harmonic detection.

• Customizable Symbols: You can change the Wingdings codes to display different shapes (circles, stars, squares) instead of numbers.

• MT5 Optimized: rewritten for efficiency using MQL5's OnCalculate and Series arrays.

Trading Strategy

The 3 Level ZZ Semafor is best used as a confirmation tool rather than a standalone entry signal.

1. Trend Reversals: Watch for the Level 3 (Yellow) ball. This indicates the price has reached a significant extreme.

2. Elliott Waves: Use the Levels to count waves. Level 3 often marks the end of Wave 3 or Wave 5, while Level 2 often marks corrective waves (A-B-C).

3. Breakout/Pullback: Identify a Level 3 High, wait for a pullback to a Level 2 Low, and enter in the direction of the main trend.

Input Parameters

• Period 1, 2, 3: Sets the sensitivity for the High/Low search. Higher numbers ignore smaller noise. (Defaults: 5, 13, 34).

• Dev_Step_1, 2, 3: Fine-tunes the ZigZag Deviation and Backstep logic. Format is "Deviation,Step" (e.g., "1,3").

• Symbol_Kod: The Wingdings code for the chart icon (e.g., 140, 141, 142).

⚠️ Important Disclaimer (Repainting)

Please note that like all ZigZag-based indicators, the 3 Level ZZ Semafor is a dynamic (repainting) indicator.

• A signal appears when a new High or Low is formed.

• If the price continues to move higher (or lower), the signal ball will move to the new extreme.

• Recommendation: Do not enter a trade immediately when a ball appears. Wait for price action confirmation (such as a candle close or a reversal pattern) to confirm the top or bottom is in place