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This library is for
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Name:
Double ZigZag (no repaint)
Author: flaab (2012.03.16 07:10)
Downloaded: 5035
Download:
 ZigZag.mq4 (6.3 Kb) View
 DoubleZigZagNoRepaint.mq4 (9.8 Kb) View

Description:

This indicator is very simple: it shows signals triggered using two different ZigZag indicators (fast and slow) without any filtering.

It does never -ever- repaint a past signal and therefore is useful to study the real behavior of the ZigZag indicator -which does repaint- as a trading tool over time.

As you can see, many signals are repainted by ZigZag indicator over time. Fractals have been used to reduce the number of highs and lows painted.

It depends on original MetaQuotes ZigZag indicator -attached-.

Images:



Recommendations:

  • Do not trade this indicator by itself
  • This indicator has been made for educational purposes only -not for actual trading-
  • You can use this indicator template to filter zigzag signals with your trading strategy
  • You can study the relationship between not-repainted fast and slow zigzag signals over time

Color convention:

  • Orange dots are signals shared by both ZigZags
  • Blue dots are only Fast ZigZag signals
  • Red dots are only Slow ZigZag signals (only seen if fast ZigZag is hidden)

Input parameters:

  • CalculateOnBarClose (default: true) - Determines if unclosed bar is evaluated
  • ZigZagFast (default: 6) Set as 0 to hide it
  • ZigZagSlow(default: 24) Set as 0 to hide it
4 comments  To post a new comment, please log in or register
why MT4 cant load this indicator ?
09.11.2013 09:15 forexparvenu
bnbb2004:

Thx for sharing Flaab! :-)

It does show the dot maybe 3-4 bars later though. Is it supposed to do that?

Yes. The very definition of fractals forces it.

31.05.2013 13:21 flaab

Thx for sharing Flaab! :-)

It does show the dot maybe 3-4 bars later though. Is it supposed to do that?

18.07.2012 05:55 bnbb2004

Good job, flaab..


Thanks for sharing...

16.03.2012 19:20 CROM