regit wrote: Mon May 15, 2023 7:50 pm Just a thought to consider . . .
You can see when a single larger weight zigzag line is drawn between 2 points that 1 OR MORE zigzags of smaller weight are drawn between the same 2 points. You can observe for yourself that there is not a fixed number of smaller zigags, but will be 1, 3, 5, ... So why are there not ALWAYS a fixed number of smaller zigzags, such as 3, that comprise the larger line? I postulate that there are indeed ALWAYS 3 smaller zigzags, IF you find the correct partition from which to view.
That is to say we have ARBITRARILY limited our "view ports" to the timeframes that MT4 provides, while the actual space can be viewed at ANY selected granularity, not just the granularity provided by the MT4 TFs. So, if you see a single larger zizgzag comprising 5 smaller zigzags, then change to a slightly larger TF that has slightly reduced granularity. You will find that there is a TF with granularity such that there are 3 zigzags that comprise a single larger zigzag on that TF.
Of course, in order to be able to find this "3-zigzag granularity" TF, you will need to have a charting platform that includes the ability to create any arbitrary TF that you want.
EDIT
Of course another option is to increase the value on the input of the smaller zigzag indicator until the 5 zigzags change to only 3.
Here is an example going the other direction. That is, when a 1-2-3 zigzag is expected but it is a single line instead. In this case, the input to the zigzag indicator is reduced to increase the view of granularity, until the 1-2-3 zigzag is found.
This is M15 . The 3Aqua is drawn as a single rising zizgzag, so where is the 2Yellow zigzag? It is also a single line that the 3Aqua has drawn on top of.
Here the input to the 2Y zigzag has been reduced until the 1-2-3 zigzag is displayed.
I don´t tried yet, but this is a option to create chart with anothers time frames on MT4, you need M1 chart opened to work with new time frames.
https://www.fxblue.com/appstore/12/tick-charts-mt4
It´s is free