ZigZag Double Buffer - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resources
The ZigZag indicator uses double buffers to store highs and lows. A point is considered a new high/low if its high/low is higher/lower than the high/low of N earlier bars, where the parameter N is the number of earlier bars represented by the bar. The default value is 2.
This indicator uses the concept of fractals, and a point is considered high (or low) if it is above the high of its previous 2 bars (or below the low of its previous 2 bars) in a forward movement. Therefore, it does not wait for the next 2 bars to determine whether it is higher or lower.
As Aleksandr Chugunov explains in his article, this indicator also eliminates the problem of external bars Professional ZigZag . See Figure 2 below. What it does is scan to the last node and check if there is a higher (or lower) point than the current point. If present, the point will be set as a ZigZag node.
Attachment download
📎 zigzagdb.mq4 (28.44 KB)
Source: MQL5 #14331
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