Standard Deviation & ZigZag Points

I've been studying indicators and trading strategies for a while now, even though I'm still new to the market and haven't become more experienced yet! I've come across many interesting systems and indicators, so I thought I'd share one of them with someone who might find it useful.

So the system is very simple;

It is based on the idea that the end of the zigzag and the next point occurs in a high standard deviation peak and the market may reverse from the current direction and pull back, so we look at the direction of the zigzag and look for the next peak above the mean standard deviation and that is where the next zigzag point is likely to be and we predict a pullback or trend reversal.

I coded an indicator (see image below) that calculates the mean of the standard deviations (red line) and finds high standard deviation peaks (blue line) above the defined mean StdDev. The yellow line in the chart is the Zigzag indicator.

I also wrote a very simple EA that follows this rule and looks for an above average StdDev and tries to identify reversals based on the current leg of the zigzag and the standard deviation level.

This strategy, indicator and EA can be applied with many different parameters and settings, and it can be used on many timeframes with different purposes, so feel free to find a better use for it.
ea is the same as before, except that a different way is used to find the StdDev highs.

A low period standard deviation relative to the higher average gives less signal but more potential for a reversal, and a high period standard deviation relative to the higher average may indicate that the trend is likely to continue, so I may be better off trading in the direction of the leg.

::**ZigZag indicator must be located in the indicators folder for the EA to work. **::

The EA can be tested in the opening price only mode, so optimization can also be tried, much faster.

This EA and indicator are for educational purposes only, I am not a professional or advanced coder or trader, it should be used with other confirmations and your own judgment.

I hope someone can find a use for it.
Please share your views and experiences, comments or constructive insights and criticism are welcome.

New ideas are also welcome.

*If set to "= false", the input ::'Positive' can be used to trade in the direction of the current zigzag leg;