Double ZigZag (no repaint) – indicator MetaTrader 4

This indicator is very simple: it shows signals triggered using two different ZigZag indicators (fast and slow) without any filtering.

It does never -ever- repaint a past signal and therefore is useful to study the real behavior of the ZigZag indicator -which does repaint- as a trading tool over time.

As you can see, many signals are repainted by ZigZag indicator over time. Fractals have been used to reduce the number of highs and lows painted.

It depends on original MetaQuotes ZigZag indicator -attached-.

Recommendations:

• Do not trade this indicator by itself
• This indicator has been made for educational purposes only -not for actual trading-
• You can use this indicator template to filter zigzag signals with your trading strategy
• You can study the relationship between not-repainted fast and slow zigzag signals over time
  

Color convention:

• Orange dots are signals shared by both ZigZags
• Blue dots are only Fast ZigZag signals
• Red dots are only Slow ZigZag signals (only seen if fast ZigZag is hidden)
  

Input parameters:

• CalculateOnBarClose (default: true) – Determines if unclosed bar is evaluated
• ZigZagFast (default: 6) Set as 0 to hide it
  
• ZigZagSlow(default: 24) Set as 0 to hide it