3_Level_ZZ_Semafor - MetaTrader 5 Script - MT4/MT5 Resources
Simple indicator showing the oldest, medium and short term minimum and maximum values using signal points.
The author of the indicator comments :
The basis for Zigzag calculations is the algorithm from the client standard set\Examples\ZigZag.mq5. This indicator was written during the current work on creating an Expert Advisor trading algorithm based on the "Likhovidov folding rule" system.
You can learn about the creation of the "Likhovidov folding rule" algorithm here: http://forum.profiforex.ru/showthread.php?p=15660#post15660 . It should be added that the indicator can redraw at its last extreme value, since its algorithm uses the Zigzag indicator.
The indicator was first implemented in MQL4 and published in the code base of mql4.com on January 9, 2008.
Attachment download
📎 3_level_zz_semafor.mq5 (10.89 KB)
Source: MQL5 #441
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