Delta ZigZag - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

The most important difference between this indicator and other versions of the zigzag is that the trend is determined based on the breakout levels of local extremes. The number of levels is set in the parameters, which means that, for example, in an uptrend, the trend change will be fixed only when the smallest of N local minima breaks the price (where N is the number of levels). For more visualization, Delta ZigZag displays these inversion levels.

Additionally, the indicator can be plotted based on high/low prices, closing prices, etc., and only generate range reversals based on the minimum swing height set by the trader. It is important to note that a Delta ZigZag with a number of levels equal to 1 plotted based on closing prices is actually the same as a Kagi chart (different visual presentation, but the same logic).

As for high/low prices, the following characteristics also apply:

If the last segment of the zigzag is ascending:

Similar rules apply to the declining part of the indicator.

Delta ZigZag with number of reversals equal to 2:

suggestion:

Attachment download

📎 deltazigzag.mq5 (10.7 KB)

Source: MQL5 #1321