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Re: Zig-Zag Indicators MT4

195 by nomojofomo
The original code is not mine as you'll see in the Mql4 file, but what I did was add levels or horizontal lines where there were once arrows. And then mapped these to how many days back you want to start plotting the horizontal lines. What you get is a type of support resistance based on the zigzag. And also likely TP locations and where price might stop and reverse etc.

I really like using this indicator to help me see where price is moving to or moving from. It's not quite the usual SR lines which maybe 50 pips away from the actual price action. It's closer to where it's all happening.

Here's the idea... it makes them from the major zigzag levels only like this picture. The thought behind is zigzags offer a point of reference, where price did something, that is, moved in the opporsite direction. It's a point where something happened, decisions happened to make price change direction. So if these points are in a cluster, then that location is quite significant for price, representing lots of decisions in the past happened there.
Zliner3-3.png

Looks like this and you can adjust the number of days back to keep the lines from crowding out the chart
Zliner3-2.png


Notice how often the 'double line' areas are frequently visited by price.
Zliner3.png
MT4 version:
Zliner.ex4 Downloaded 75 times 12.42 KiB
Zliner.mq4 Downloaded 96 times 5.42 KiB
Converted MT5 version
ZLiner.ex5 Downloaded 41 times 10.67 KiB

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