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ZigZag Wave Medvedev Double

This ZigZag does not re-paint. It does not require the settings and reflects the real picture of the market showing the changes in the sellers' and buyers' attitudes and allowing you to join the winners. The indicator consists of the two ZigZags: the main one (https://www.mql5.com/en/market/product/12859) shows the trade direction, while the second one (https://www.mql5.com/en/market/product/12330) allows you to detect potentially profitable entry and adding patterns on small fluctuation waves. The movement direction line is very helpful in this. It is only one, but the role that it is assigned to makes it very popular. It is not a usual support or resistance line, however its function becomes clear during its operation. It moves over the tops of the small ZigZag connecting them with the main ZigZag top. Conversely, when the main swing is in the bottom, the line moves at small ZigZag's bottoms. This allows the indicator to detect the changes in the movement direction. Sometimes, it also acts like Andrews' pitchfork middle line.

Besides, the ZigZag is provided with support and resistance levels allowing you to quickly respond to changing formations. For that reason there are the signals of the appearances of new levels and their breakouts. In addition it is possible to adjust the sensitivity level of the indicator by the support and resistance levels by choosing the variant of their formation. By default the first option is set, it reflects the low sensitivity. To increase it, it is enough to change the variant number from 1 to any other.


Parameters

  • MinBars - amount of calculated bars. Default - 1 000. 0 - all bars.
  • InpColor - movement direction line color;
  • InpStyle - display style;
  • InpWidth - width.
  • display_option_res_sup - variant of formation of the support and resistance levels Default-1. Any other value means another variant;
  • arrow - display the levels with a price label on the right. Default - enabled;
  • set_Alert_new_res_sup - enable the signal of placement of new support or resistance lines. Default - enabled;
  • set_Alert_breakdown_res_sup - enable the signal of breakout of support or resistance lines. Default - enabled;
  • number_bar_breakdown - the number of bar, on which the breakout will be marked by its closing prices. Default - 1.

Constructive suggestions and feedback are highly appreciated.

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版本 1.2 - 2016.03.29
Revised the algorithm for handling the repeated outside bars.
版本 1.1 - 2016.01.29
v1.1 - added the variant of the support and resistance level display, as well as alerts at the formation of new support or resistance levels and at their breakouts.