Parabolic + Fibonacci + ZigZag on Channels - MetaTrader 5 Script - MT4/MT5 Resources
This is an enhanced version of the ZigZag technical indicator based on the Parabolic SAR , adding the possibility of building Fibonacci levels on the last two indicator peaks, as well as using three consecutive Zigzag peaks and selecting the channel generated by these peaks.
Indicator input parameters:
Attachment download
📎 zigzagonparabolic_fibo_channel.mq5 (20.88 KB)
Source: MQL5 #585
Parabolic + Fibonacci + ZigZag on Channels - MetaTrader 5 Script Usage and Screening Advice
Parabolic + Fibonacci + ZigZag on Channels - MetaTrader 5 Script is a resource related to Forex indicators. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based on titles or short-term profit descriptions.
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