ZigZag Support and Resistance Levels
- Göstergeler
- Tshidiso Ephraim Mpakanyane
- Sürüm: 1.0
ZigZag SNR Levels is an indicator for MetaTrader 5 that identifies support and resistance levels based on ZigZag pivot points. It also groups nearby levels into zones using a clustering method to help visualize areas where price has reacted multiple times.
Key Features
1. ZigZag Pivot Detection
- Detects swing highs and lows using configurable Depth, Deviation, and Backstep parameters.
- Processes historical price data to maintain a consistent pivot structure.
2. Support & Resistance Level Detection
- Creates support levels from low pivots and resistance levels from high pivots.
- Levels extend forward and remain active until price breaks through them.
- Supports both active (open) and broken (closed) levels.
3. Cluster Detection and Zone Visualization
- Groups nearby levels into zones based on a configurable distance threshold.
- Minimum cluster size can be set to filter smaller groups.
- Option to use average price or zone boundaries for cluster display.
4. Visualization Controls
- Optional ZigZag line overlay to show pivot structure.
- Independent controls for support, resistance, cluster zones, and labels.
- Option to display or hide broken levels.
5. Theme Settings
- Includes predefined color themes for indicator elements.
- Option to apply theme colors to the chart.
Key Benefits
- Provides a structured view of support and resistance based on price pivots.
- Helps visualize areas where price has reacted multiple times.
- Offers flexible display options to adjust chart appearance.
Who This Indicator Is For
- Traders who use price action and want a systematic way to identify support and resistance levels.
- Intraday and swing traders who need a clear view of price structure.
- Users who prefer configurable visualization of market levels and zones.
Input Parameters
| Parameter Group | Parameter | Description |
|---|---|---|
| ZigZag Parameters | ||
| ZigZag | Lookback | Number of bars used for analysis. |
| ZigZag | Depth | Number of bars used to detect pivots. |
| ZigZag | Deviation | Minimum price movement required to form a pivot. |
| ZigZag | Backstep | Number of bars used to filter nearby pivots. |
| Cluster Detection | ||
| Cluster | Enable Cluster | Enable or disable clustering. |
| Cluster | Threshold | Maximum distance between levels to form a cluster. |
| Cluster | Show Cluster Size | Minimum number of levels required to display a cluster. |
| Cluster | Use Average | Use the average price instead of zone boundaries. |
| Visualization | ||
| Visual | Draw ZigZag | Show or hide ZigZag lines. |
| Visual | Show Levels | Show or hide support and resistance levels. |
| Visual | Show Clusters | Show or hide cluster zones. |
| Visual | Show Labels | Show or hide text labels. |
| Visual | Draw Closed | Show or hide broken levels. |
| Theme | ||
| Theme | Theme | Select color theme. |
| Theme | Apply Theme To Chart | Apply selected theme colors to the chart. |
Summary
- ZigZag SNR Levels identifies support and resistance levels using ZigZag pivot data.
- Levels can be grouped into zones to highlight areas of repeated price interaction.
- All visual components can be enabled or disabled independently.
Disclaimer
Trading financial markets involves risk. This indicator does not guarantee any specific outcome and should not be used as the sole basis for trading decisions. It is intended for analytical purposes only.
