ZigZag based on closing price - MetaTrader 4 script | Forex indicator download - MT4/MT5 resources
The code is based on the ZigZag indicator built into MT4 and developed by MetaQuotes.
I changed it slightly so that instead of calculating based on the highest high and lowest low, it uses the highest close and lowest close to chart price history.
See the image below to see the difference: ZigZag (red) vs. ZigZagClose (yellow).
Some differences are small in nature, while other times the impact is large.
Attachment download
📎 zigzag_vs_zigzagclose.png (73.49 KB)
📎 zigzagclose.mq4 (8.33 KB)
Source: MQL5 #26742
ZigZag based on closing price - MetaTrader 4 script | Forex indicator download - MT4/MT5 resource usage and screening suggestions
ZigZag based on closing price - MetaTrader 4 script | Foreign exchange indicator download - MT4/MT5 resources are foreign exchange indicator related resources. 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 only on titles or short-term profit descriptions.
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