ZZLevels - MetaTrader 5 Script | Grid EA Download - MT4/MT5 Resources

The simple ZigZag indicator is a good basis for automating technical analysis. Below is a simple example of pattern recognition. The ZZLevels indicator uses a simple zigzag to find plane boundaries as well as support and resistance levels.

Automation of many graphical structures, including simple graphical structures such as channels, trends (higher highs/lower lows) or Fibonacci grids, requires the definition of "fine movements" where price moves from a local minimum to a local maximum and from a local maximum to a local minimum.

I have proposed a simple algorithm to search for local highs and lows in a simple zigzag . The main difference between Simple ZigZag and traditional ZigZag is a simpler and faster algorithm and a single parameter - typical correction depth.

The ZZLevels indicator is a development based on the concept of automated analysis of ZigZag constructs. In particular, the proposed indicator implements a simple algorithm for finding the boundaries of the trading range as well as support and resistance levels.

The following inputs are used to adjust the indicator:

In its current form, the indicator still cannot be used for automated trading. At the same time, it perfectly illustrates the idea of ​​automatically drawing technical analysis graphics based on a simple algorithm for finding local highs and lows. Additionally, it helps in finding range boundaries and support/resistance levels in "manual" trading.

Attachment download

📎 simplezzlevels.mq5 (9.17 KB)

Source: MQL5 #15984