Price Percent Zigzag (No Time Frame) - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resource

This is a zigzag that is not distorted by time frames, with changes in its legs based on the percentage change in the asset's price relative to its extreme value. Zigzag adjustments are strictly based on price and do not take into account time.

The clean and well-thought-out zigzag structure is attributed to Evgeniy Chumakov, so he is linked in the code because the structure of his code can be seen in his MQL4 "Autoscaling Zigzag".

I am the author of this MQL5 indicator which, unlike the Autoscale Zigzag, uses price percentage input instead of scale and is compatible with all securities.

Since it is a ZigZag indicator, it is not suitable to be used as a standalone tool for trading decisions. Instead, you can use it to monitor trends, much like a Renko chart, and possibly combine it with a momentum oscillator to determine when and where it is appropriate to enter.

Attachment download

📎 price_percentage_zigzag.mq5 (17.04 KB)

Source: MQL5 #62673