The ZigZag drawn using channel principle.
The indicator displays some statistics – the ratio of the offcut length to the previous one and the offcut length itself (the length is the height in points from the lower point to the upper one).
The ZZ.mq5 file is the zigzag without drawing the channel!
This indicator was first implemented in MQL4 and published in Code Base at mql4.com on 01.08.2008.
MT5 Indicator – Download Instructions
ChannelZZ is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
ChannelZZ 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 ChannelZZ.mq5?
- Download ChannelZZ.mq5
- Copy ChannelZZ.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 ChannelZZ.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator ChannelZZ.mq5 is available on your Chart
How to remove ChannelZZ.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: