ZigZag Indicator with Extra Features - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resource

A closer look at how the ZigZag indicator works

This ZigZag indicator is one of those indicators that at first glance is misleading and seems to be the "holy grail" of all indicators to find tops and bottoms suitable for setups like swing strategies or trend following strategies. Many times, newbies tend to be completely surprised by it and believe that with it, they can't go wrong. In reality, however, that's not the case, mainly because it does something called "repainting" . In other words, during the real-time progression of changes in price action, the indicator changes the most recent top or bottom to reflect the new price data. By the time a ZigZag top or bottom has stabilized and established itself on the indicator, the current conditions in the market have long since changed and are no longer consistent with the originally indicated price top or bottom point.

However, this does not mean that this indicator is worthless! Instead, it can be used very effectively to analyze past data and create very good setups for many strategies - just not in the way most newbies think. Now, there are many ways to use this indicator effectively, and I invite commenters here to share their thoughts on how to use this indicator effectively in a strategy, but that is not the main goal of this article.

I plan to take the original zigzag code composed of meta-quotes and rewrite it in a form that is easier to read (at least for me) but most importantly, visually shows a lot of its inner workings that are usually not visible in the original indicator (see image below). Here is a list of "extras" for my rendition of this indicator, the " ZigZag Extras " will show:

The main purpose of the code and additional visual hints is not only to better understand how this indicator works, but also to use the possible signals in as many strategies as you wish. They are useful for quick scalping on a breakout, or as a pre-signal before a pullback or something else I haven't thought of yet. I'm sure many of you will have lots of ideas and would love to share them with everyone reading this.

Simply connect the indicator to the chart and set the parameters just like you did with the original ZigZag indicator. But note that the order of the parameters is different, and depth and backstep are placed together because they are bar periods or counts. In addition, the deviation parameter also satisfies the fractional part of the PIP (in the case of 3/5 brokers). There is also the option to set a Boolean flag to show breakout points on the chart.

You can also enable highs and lows that trigger alerts on breakouts . Alert text is configurable so that it can be presented in your own language or text.

Version change log

If you find any bugs or have any suggestions or "features" you'd like to see included in a future version, please let me know.

Example view of the indicator (without and with optional breakout points):

Please note that the source code for all my codebase publications is now also available in the "Public Projects" tab with the meta-editor name "FMIC".

Attachment download

📎 zigzagextras.v1.5.mq4 (39.19 KB)

Source: MQL5 #11094

ZigZag Indicator with Extra Features - Important Points Before Using the MetaTrader 4 Script

This page has been supplemented with structured instructions, focusing on the use of foreign exchange indicators, MT4/MT5 platform compatibility, testing procedures and risk control. Before downloading or deploying, it is recommended to first determine whether it is consistent with your own variety, cycle and account environment.

Suitable for who to use

• Users who want to quickly screen foreign exchange indicators and are willing to do simulation verification first.
• People who need to compare MT4/MT5 EAs, indicators, scripts or source code projects.
• Traders who wish to record backtests, parameters and risk boundaries before placing a trade.

Testing and risk control suggestions

• First verify the default parameters in the strategy tester or demo account, and then adjust the symbol, period, spread and trading period one by one.
• Scalping, grid, martin, and high-frequency strategies should focus on observing maximum drawdowns, consecutive losses, slippage, and trading frequency.
• It is not recommended to run any document directly on the real disk. At least observe the simulated disk performance for 2-4 weeks first.

FAQ

Can MT4 and MT5 be used interchangeably?
Usually cannot be used directly. EX4/MQ4 corresponds to MT4, EX5/MQ5 corresponds to MT5, and the source code needs to be compiled in the corresponding MetaEditor.

Is this resource guaranteed to be profitable?
cannot. EAs, indicators and scripts can only be used as trading tools, and the results depend on parameters, market environment, spreads, slippage and risk control.

What else can I continue to watch?
Forex EA download , foreign exchange indicator download , EA evaluation , MQL5 CodeBase .

English Search Notes

This page is also optimized for English search intent around ZigZag indicator with extra features - MetaTrader 4 script . Related search terms include: Forex indicator, MT4 indicator, MT5 indicator. Test any Forex EA, Expert Advisor, MT4/MT5 indicator, script or MQL source code with historical data and a demo account before live trading.