Statistical Zigzag - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources
Rather than scanning absolute highs/lows at a fixed depth, it evaluates extremes relative to local volatility levels and takes the most extreme price in a move that triggers a threshold. Because the standard deviation changes bar by bar, the threshold dynamically adapts to changing market conditions.
A horizontal line extends from the latest confirmed move, projecting a statistically meaningful boundary: the price is likely to rebound or break above it.
There are many ways to view this metric. In a bearish trend, you can view price movements above the expected level as noise and place a sell stop below that line, or enter directly at that level and exit at the break-even point if price suddenly diverges from the trade.
Attachment download
📎 Statistical_Zigzag.mq5 (19.58 KB)
Source: MQL5 #65723
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