The basis of the ZigZag channel is not a fixed but sliding threshold calculated by the Parabolic SAR. By analogy with the stops are fixed and trailing thresholds (stops).
The indicator setting is performed by the standard input for Parabolic input parameters (Step and Maximum). Beside, there is added the restriction with the minimum available width of the channel to remove thin market. It is set in points.
This indicator was first implemented in MQL4 and published in Code Base at mql4.com on 17.06.2009.
MT5 Indicator – Download Instructions
ChanellOnParabolic is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
ChanellOnParabolic provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install ChanellOnParabolic.mq5?
- Download ChanellOnParabolic.mq5
- Copy ChanellOnParabolic.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on ChanellOnParabolic.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator ChanellOnParabolic.mq5 is available on your Chart
How to remove ChanellOnParabolic.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: