Autoscale Zigzag - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources

A zigzag shape that determines the new swing point based on the step size. The sensitivity of volatility detection is controlled by a single input "scale" that adjusts how responsive the indicator is to price changes.

This step size defines the minimum price movement required to reverse the current wave direction. It determines the threshold of price movement required before a move is considered to have changed direction.

While the traditional Zigzag indicator uses a "depth" parameter to define the minimum number of price bars required for a volatility reversal, this indicator focuses on the price movement itself. But despite this difference, the functionality is very similar in that there is a leg continuation until a new wave is confirmed. It should be used for swing analysis.

It is Evgeniy Chumakov's conversion of the MT4 indicator.

The original MT4 indicator can be found here: https://www.mql5.com/en/code/54274

Increasing the tick value will make the zigzag more sensitive to price changes, so the higher the tick value, the more zigzag points there will be.

The default scale input of 1.0 is primarily designed for currency pairs.

For XAUUSD, you can start with a size input of 3000 and go from there.

For BTCUSD, you can start with a size input of 25,000 and gradually increase it.

For other types of markets, you will have to find the right starting size value through trial and error.

Attachment download

📎 autoscaling_zigzag.mq5 (21.3 KB)

Source: MQL5 #56616