Trendline Zigzag in Qualitative Channel - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources

This indicator is an evolution of the classic Donchian Channel.

Use zigzag structures and graphic markers to identify pivots, which are derived entirely from the behavior of the channel. When the channel flattens, the pivot is triggered, forming the attachment point for the next zigzag leg. To avoid weak or insignificant pivots, the depth parameter is used to confirm the flatness of the channel before marking a new pivot. The pivot logic is intentionally kept simple and no forward corrections are applied. Therefore, there is some inherent lag due to the need for confirmation.

To make this indicator more useful in live trading, the current "live" edge is drawn as a dynamic trendline from the most recently confirmed reversal to the current price extreme. This trendline remains in effect until a new pivot is confirmed. The result is a constant update cycle of trend lines that enhances the visual interpretation of the channel and provides analytical advantages.

The purpose of this indicator is to observe whether price action respects the trendline by bouncing back, or disrespects the trendline by changing the trendline and prompting a change in direction. This tool provides qualitative insights rather than precise signals, so it should not be used to predict exact market movements or as a stand-alone decision-making tool.

EDIT: Uploaded a new version (1.02) with full code reconstruction and input options for leg correction, as well as the ability to enable or disable trend lines

Attachment download

📎 Trendline_Zigzag.mq5 (10.73 KB)

Source: MQL5 #59792