Fractal ZigZag - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resource
Indicators have been updated!
This indicator is a ported version of the FractalZigZagNorepaint indicator available on the MQL4 code base.
It uses the Zigzag indicator to identify swing highs and lows. These fluctuations can then be used to draw or estimate the non-redrawing ZigZag indicator. The indicator retraces the value of 2 bars from the current bar.
The program has 4 input variables, explained below.
Input variables:
The first variable determines when the fractal low or high is drawn with reference to the closing price of the current bar. Setting CalculateOnBarClose to true, the indicator arrow will be drawn only on the closing price of the current bar or the opening price of the next bar.
The ZZDepth and ZZDev variables are related to the input parameters of the Zigzag indicator. ZZDepth corresponds to the ExtDepth input variable of the Zigzag indicator, and ZZDev corresponds to the ExtDeviation input variable of the Zigzag indicator. ExtBackStep is permanently set to 1.
nShift simply sets the number of points the arrow will be above or below the high or low of the fractal.
Attachment download
📎fractalzigzagnorepaintmt5.mq5 (5.58 KB)
Source: MQL5 #12648
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