Trying to understand this zigzag visually | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

I want to understand how the Zigzag indicator formula works 0 replies

Visually backtest custom indicators? 4 replies

MT4 indicator which visually shows top and bottom... 3 replies

Is there an EA managing TP&SL visually 4 replies

trend lines visually not correct 2 replies

Trying to understand this zigzag visually

  • #1
  • First Post: Jun 23, 2018 8:57am Jun 23, 2018 8:57am
Hey guys,
I've been staring at this code to try and figure it out and every time I think I understand and test out to see if I'm correct it gets me back to square one.
Now I'm a visual learner so trying to figure it out by reading the code is tough for me so I'm here asking if someone could explain (preferably visually on a chart) how this indicator works.

I has 3 properties:
-Depth (Is this how many candles it checks back after the currently open candle?)
-Deviation
-Backstep(Is this how many candles it checks back after a new high or low is detected to make sure tat this is a new high or low?)

But what exactly do each of those do and how do they work together to get the zigzag in the end?

Anyway I'm pretty lost and I feel like I'm just confusing myself more and more so if someone could explain it visually or in really easy to understand text that'd be appreciated.

This is the code:
https://pastebin.com/kXHkd29A


Thanks in advance!
  • #2
  • Jun 23, 2018 11:42am Jun 23, 2018 11:42am
ZigZag concerns the depth (% change) to draw the last line
Therefore, it repaint a lot when last New High/New Low with great impact sometime on events.

This is by-no-mean measure, you really donno when it got the peak/bottom.
General speaking, NO teacher give lesson on ZigZag
because it just for past result whereas fail to tell current bar is end of the trend.

The main usage for me on Zigzag is to help on Counting Elliott Wave.
Besides, Zigzag is simple visual backtest for other indicators for delay checking.
What is more, Zigzag is to make fibo retracement

But really advise you NOT to use Zigzag to do reverse trading.
  • #3
  • Jun 23, 2018 12:24pm Jun 23, 2018 12:24pm
Quoting cowbearcar
ZigZag concerns the depth (% change) to draw the last line Therefore, it repaint a lot when last New High/New Low with great impact sometime on events. This is by-no-mean measure, you really donno when it got the peak/bottom. General speaking, NO teacher give lesson on ZigZag because it just for past result whereas fail to tell current bar is end of the trend. The main usage for me on Zigzag is to help on Counting Elliott Wave. Besides, Zigzag is simple visual backtest for other indicators for delay checking. What is more, Zigzag is to make fibo...
My goal here is to learn how to program my own zigzag indicator which I can then use to mark more advanced things on a chart like support and resistance zones, advanced patterns, etc
I know that it's a lagging indicator and that it won't predict anything but it does analyze what happened in the past and it does it mechanically as opposed to me.

Now in order to do that and understand how everything works I need to be able to program my own and move on from there.
Which leads to my goal of trying to figure out how the code works that I included in the first post.

I do appreciate the post however it didn't really help in trying to figure out how it works aside from (correct me if I'm wrong here) the fact that the "Depth" is the percentage change it's required to make before a new high/low can be considered. But what does it base the percentage on?
  • #4
  • Jun 24, 2018 4:04am Jun 24, 2018 4:04am
Quoting AntiVi
{quote} My goal here is to learn how to program my own zigzag indicator which I can then use to mark more advanced things on a chart like support and resistance zones, advanced patterns, etc I know that it's a lagging indicator and that it won't predict anything but it does analyze what happened in the past and it does it mechanically as opposed to me. Now in order to do that and understand how everything works I need to be able to program my own and move on from there. Which leads to my goal of trying to figure out how the code works that I included...
Wrong way to go if your target is to find support and resistance
You real target is to find out the consolidation of money go.

Google as many as indicator you can test and study:
pivot mq4
Support and resistance mq4
breakout box mq4

You will get many ideas how ppl handle support and resistance
  • #5
  • Jun 24, 2018 10:53am Jun 24, 2018 10:53am
Quoting cowbearcar
{quote} Wrong way to go if your target is to find support and resistance You real target is to find out the consolidation of money go. Google as many as indicator you can test and study: pivot mq4 Support and resistance mq4 breakout box mq4 You will get many ideas how ppl handle support and resistance
It's not just about support and resistance, it's also the advanced patterns, double tops and bottoms, head and shoulders, wedge patterns etc etc.
Which still leaves me to the question of how the code works and what the parameters exactly do.
  • #6
  • Jun 24, 2018 11:10am Jun 24, 2018 11:10am
Depth is the minimum number of bars on which there will not be a second maximum (minimum) less than (more) on the deviation of pips than the previous one, that is, the ZigZag can always diverge, but converges (or moves entirely) more than on Deviation, ZigZag can Only after Depth bars. Backstep is the minimum number of bars between highs (lows).

Means, zigzag will draw last detected maximum if current low is lowest low over last Depth candles. And zigzag will draw last detected minimum if current high is highest high over last Depth candles
  • #7
  • Jun 28, 2018 4:43pm Jun 28, 2018 4:43pm
Quoting mikalaha
Depth is the minimum number of bars on which there will not be a second maximum (minimum) less than (more) on the deviation of pips than the previous one, that is, the ZigZag can always diverge, but converges (or moves entirely) more than on Deviation, ZigZag can Only after Depth bars. Backstep is the minimum number of bars between highs (lows). Means, zigzag will draw last detected maximum if current low is lowest low over last Depth candles. And zigzag will draw last detected minimum if current high is highest high over last Depth candles
Thanks! That will get me closer to figuring it out.
I'll be trying to code it once I finish my current EA project.
  • #8
  • Last Post: Oct 13, 2021 8:04am Oct 13, 2021 8:04am
Quoting mikalaha
Depth is the minimum number of bars on which there will not be a second maximum (minimum) less than (more) on the deviation of pips than the previous one, that is, the ZigZag can always diverge, but converges (or moves entirely) more than on Deviation, ZigZag can Only after Depth bars. Backstep is the minimum number of bars between highs (lows). Means, zigzag will draw last detected maximum if current low is lowest low over last Depth candles. And zigzag will draw last detected minimum if current high is highest high over last Depth candles
Hi mikalaha,
did you ever find a zigzag with ability to adjust legs minimum points?
I saw that you have mentioned about such benefits for kind of ZigZag indicator.
0 traders viewing now