Zig Zag Fibonacci Oscillator - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources

This is a fancy version of the Zigzag, based on the MetaQuotes algorithm.

Here are some of the differences and advancements:

- Zigzag has two modes "Oscillator" and "HighLow". Oscillator mode will show visual oscillations of zigzag waves, even though it is not a true oscillator and does not have a fixed range.

The extreme lows become the symbol point values ​​and the extreme highs are the normal highs for this pattern.

- HighLow mode respects extreme highs and lows in price (just like a normal zigzag). Fibonacci retracement levels are added, and these levels are dynamically scaled so that, visually, they remain fixed in place. When prices change a lot over time, it is impossible to adequately scale the price chart, so the dynamic scaling of zigzags in this mode only applies to the last extreme price and the current extreme price.

- In each mode, the current leg will be drawn even if it has not been confirmed yet, and it will track the price specified in the input. There is an option to track the open, close, high, low, weighted or typical prices of the current bar.

The idea behind painting the currently unconfirmed leg is to help see what's going on in real time, and to do this the color of the current leg needs to be applied carefully.

When an uptrend is currently in the process of being confirmed, it will appear in blue when the price is bullish, and in gray when the price is experiencing a bearish divergence.

When the downward leg is in the process of being confirmed, it will appear in red when the price is bearish and in gray when the price is experiencing a bullish divergence.

To help depict the trend color of unconfirmed legs through real-time price action, volume was also examined. If there is significant bullish volume, the bullish color will overlay the current leg color; similarly, if there is significant bearish volume, the bearish color will overlay the current leg color.

Version 1.01 has been uploaded. Some bugs were found and fixed.

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Version 1.02 has been uploaded. More customizability with scaling, some minor improvements, Fibonacci levels can now be toggled, and improved price direction tracking with unconfirmed legs in oscillator patterns

Attachment download

📎 zigzag_fibo_oscillator.mq5 (21.59 KB)

Source: MQL5 #55071