This is a MetaTrader 5 version of one indicator that was floating around the net as a wonder indicator MetaTrader 4.
It is not a matter if it is useful or not (ZigZag is, in my opinion a useful indicator), but a matter of avoiding misuse of the indicator and presenting it as something it is not. Regardless of the completely different look than the ZigZag indicator, that is a ZigZag indicator as it can be seen on the parallel display too.
PS: always keep in mind that this is actually a ZigZag indicator – it should not be used in signaling mode.
MetaCOT 2 CFTC ToolBox (Set of Indicators) MT4 -… Contents GENERAL PROVISIONS Brief description Installing the libraries and indicators Several indicators in one window Exporting CFTC reports to CSV…
Master Tools - indicator MetaTrader 4 Changelog: v1.08:Â After a long time of absence :) Bug correction and compilation. v1.07: Now SL / TP choose for each…
![Figure 1. Typical ZigZag with input parameters [12;5;3] and [12;0;0]](https://i0.wp.com/tradingrobots.net/wp-content/uploads/2024/03/Professional-ZigZag-indicator-for-MetaTrader-5.png?resize=150%2C150&ssl=1 "Professional ZigZag - indicator MetaTrader 5")
