Non-parametric zigzag adjustment wave, out-of-price movement - MetaTrader 5 script | Trading script download - MT4/MT5 resources
Non-parametric zigzag. Monotonicity condition for the ascending leg of a zigzag: the highest price of any subsequent bar must not be lower than any of the lowest prices of the ascending leg. Likewise for the descending portion of a zigzag.
ZigZag lines (ZigZagLineBuffer) are drawn from the lowest high to the highest low and vice versa. "External" exterums are marked with blue and red lines (HighBuffer and LowBuffer). The arrow order may be "wrong" (there may be two consecutive red or two blue arrows).
The indicator does not redraw.
I think this zigzag can be used to convert the chart into segments for further analysis.
Attachment download
📎 bzzei.mq5 (5.98 KB)
Source: MQL5 #278
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