The most important difference of this indicator from other versions of the zigzag is determination of the trend on a breakthrough level of the local extremums. The number of levels is set in parameters and means that, for instance, in ascending move the trend change will be fixed only when the least of the N local minimums will breakthrough price (where N is a number of levels). For more visualization the Delta ZigZag displays these reversal levels.
Besides, the indicator can be drawn as on high/low prices, so on close prices, and forms the section reversal only on the basis of the minimum swing height set by the trader. It should be noted that drawn on close prices Delta ZigZag with the number of levels equal to 1, in fact is identical to Kagi charts (visual presentation is different, but logics is the same).
As for high/low prices, the following features apply also:
If the last section of zigzag is ascending:
- if current bar forms the new maximum then we continue the section of zigzag up and prohibit the reversal down in current bar.
- if high of the current bar is lower the last value of zigzag and low of the current bar is lower the last value of the zigzag on a set swing height then we draw the descending section (i.e. has zigzag reversal).
The similar rules applied to descending sections of the indicator.
- Apply to prices – to use high/low prices or only close prices
- Reversal – reversal mode (in pips or percentage)
- Reversal in pips – the minimum reversal value in pips. The parameter is actual in case if the reversal mode is also in pips and does not produce any influence if the reversal mode is in percentage.
- Reversal in percentage – the minimum value of the reversal in percentage. The parameter is actual in case if the reversal mode is also in percentage and does not produce any influence if the reversal mode is in pips.
- Number of levels – number of last minimums/maximums at which the change of the trend direction will be fixed.
MT5 Indicator – Download Instructions
Delta ZigZag is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
Delta ZigZag 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 Delta ZigZag.mq5?
- Download Delta ZigZag.mq5
- Copy Delta ZigZag.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 Delta ZigZag.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator Delta ZigZag.mq5 is available on your Chart
How to remove Delta ZigZag.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: