Simple ZZ Consolidation Zone - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Experiment more with the Simple ZigZag indicator. A minor upgrade allows the indicator to find and mark price consolidation areas with colored rectangles.

The Simple ZigZag indicator is a development of the idea of ​​automatic visualization of technical analysis. We start with a simple indicator called the Simple Zigzag that plots local highs and lows on the chart. Our task now is to learn to identify different technical analysis patterns using the above indicators.

The proposed indicator searches for flat consolidation areas on the price chart.

The number of highs/lows required to build a zone, the total number of analyzed zigzag points and the accuracy of extreme value matching are defined by three parameters of the indicator:

The fourth parameter - typical retracement size - is inherited from the parent indicator ( Simple Zigzag ).

An area in the upper part of the area where several high points form a line is marked in red; an area in the lower part of the area where several low points form a line is marked in blue. Currently, this indicator cannot be built into Expert Advisor because it does not have appropriate buffers for zone boundaries (expected later). We will further continue to complicate the identified patterns and will adapt this indicator for use in automated trading systems.

Attachment download

📎 simplezz_czones.mq5 (9.65 KB)

Source: MQL5 #15992