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Zigzag Channel

  • #1
  • First Post: Dec 8, 2019 8:54am Dec 8, 2019 8:54am
Hi Guys

I would like to share one of the ways I trade and hopefully we can make an indicator.

It seemed obvious to me but I've looked everywhere and can't find this as an indicator.

Basically all I do is use a zigzag indicator out of the box settings and then get the equidistant channel and copy the last leg of the zigzag from bottom to top or vice versa. Hourly preferred time frame but test for yourself.

To get the width/depth of the channel we must place the eq channel indicator directly on top of last leg of zigzag and expand the channel sideways to the extremes of the price action along the length of the the width/depth of the last leg of the zigzag.

When we have done this we slide the eq channel back on top of the last leg of the zigzag indicator.

When we have cross of of the newly placed eq channel diagonal line we go long or short

I hope the screen shot makes this clearer

Attached Image (click to enlarge)
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  • #2
  • Dec 9, 2019 8:27am Dec 9, 2019 8:27am
Hi Eamonn

This indicator may help you.

Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 50 KB


Attached File(s)
File Type: ex4 ZigAndZag.ex4   10 KB | 1,202 downloads


Buy on Green Arrow. Take Profit on yellow dot or on Red Arrow.
  • #3
  • Edited 12:51pm Dec 9, 2019 9:19am | Edited 12:51pm
There is a zz channel by CG and ea way back , look for his web site if it still there
  • #4
  • Dec 9, 2019 10:31am Dec 9, 2019 10:31am
Cheers ccr and Derekw and thanks for replying.


I have the Zig and Zag indy and that's really not what I'm after as for CG just did a quick search and can't find him , if you could point me in the direction I'll have a look.

I don't think I explained clearly in the first post as to what I'm after so I'll have another bash.
Attached Image (click to enlarge)
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  • #5
  • Dec 9, 2019 12:27pm Dec 9, 2019 12:27pm
xpworx.com
  • #6
  • Dec 9, 2019 8:29pm Dec 9, 2019 8:29pm
Quoting Eamonn
Cheers ccr and Derekw and thanks for replying. I have the Zig and Zag indy and that's really not what I'm after as for CG just did a quick search and can't find him , if you could point me in the direction I'll have a look. I don't think I explained clearly in the first post as to what I'm after so I'll have another bash. {image}
Looking at your chart, it seems that price broke through the AB line one bar earlier than where the arrow points, does this imply you wait for a new bar and if the previous bar broke through enter on the open?
" check out The Traders Outpost "
  • #7
  • Dec 10, 2019 12:50am Dec 10, 2019 12:50am
Hi

Redline what we really want is a break and close above below the eq channel line for confirmation to go long if price does not break through this eq channel line this can be seen as resistance so instead of going long at this point we could take a possible short.

Hope this helps

Cheers
  • #8
  • Dec 10, 2019 7:16am Dec 10, 2019 7:16am
[attach]Hi Guys


GBPCAD on 5 min with zigzag set at 144,5 ,3 equals 1 hour zigzag right on boundary line it will act as support or resistance , lets see

GBPCADM5.png;3507343[/attach]
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCADM5.png Size: 63 KB
  • #9
  • Dec 10, 2019 8:17am Dec 10, 2019 8:17am
GBPCAD 1 hour later live, price has broken the eq channel trend line on hourly so should be short
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCADM5.png Size: 69 KB
  • #10
  • Dec 10, 2019 8:23am Dec 10, 2019 8:23am
Thanks

Attached Image (click to enlarge)
Click to Enlarge Name: a29.png Size: 44 KB

Attached File(s)
File Type: ex4 ZigAndZag.ex4   24 KB | 866 downloads
The Average Discount Everything
  • #11
  • Dec 10, 2019 9:16am Dec 10, 2019 9:16am
Hi Hesron

thanks for dropping by I will test and see if its what I'm looking for.

I don't think its got the same logic as I'm after and I'm not sure if its a repainter but we'll see

Cheers
  • #12
  • Dec 10, 2019 10:19am Dec 10, 2019 10:19am
Quoting Eamonn
Hi Guys I would like to share one of the ways I trade and hopefully we can make an indicator. It seemed obvious to me but I've looked everywhere and can't find this as an indicator.
//----

hey eamonn...... have coded that exact same thing for someone before and posted on some forex site..... have looked around everywhere and still have not found it.....

to create the channel, all is needed is to add a couple extra buffers to the zigzag..... the extensions are superimposed rays.....

if i can not find it soon, i'll just rewrite it..... did a quick edit on another zigzag to show example of channel only.... channel width is set by the pips input.....h
//-----
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-h4-oanda-division1-240.png Size: 49 KB
Attached File(s)
File Type: mq4 ZigZag Eamonn.mq4   18 KB | 1,545 downloads
File Type: ex4 ZigZag Eamonn.ex4   21 KB | 1,054 downloads
to trade and code, keep both simple... no call to impress....h
  • #13
  • Dec 10, 2019 11:50am Dec 10, 2019 11:50am
Hi Hayseed

nice to see one of the great coders calling by.

this is definitely on the right lines no pun intended !!


Where you have x amount of pips for the depth I use the dynamic approach of the extreme of price above and below the last leg for x pips.

For instance if the channel from extreme below to above is 10 I then have my equidistant trendline 10 pips above or below the zigzag line.

In the attached screen shot the depth of the last leg is 22 11 above 11 below (they are not normally the same depths) there fore I put my equidistant channel 22 above the zigzag line.

Cheers
Attached Image (click to enlarge)
Click to Enlarge Name: GBPCADM5 6.png Size: 67 KB
  • #14
  • Dec 11, 2019 8:16am Dec 11, 2019 8:16am
Quoting Eamonn
I use the dynamic approach of the extreme of price above and below
//-----

hey eamonn.... ok, that's slightly different than what i coded before..... i'll holler back later......h
to trade and code, keep both simple... no call to impress....h
  • #15
  • Dec 17, 2019 3:38am Dec 17, 2019 3:38am
Quoting Eamonn
Hi Guys I would like to share one of the ways I trade and hopefully we can make an indicator. It seemed obvious to me but I've looked everywhere and can't find this as an indicator. Basically all I do is use a zigzag indicator out of the box settings and then get the equidistant channel and copy the last leg of the zigzag from bottom to top or vice versa. Hourly preferred time frame but test for yourself. To get the width/depth of the channel we must place the eq channel indicator directly on top of last leg of zigzag and expand the channel sideways...
Hi,

As far I know.....this kindy of channel that you are looking is called BIG BANG Strategy.......and is very powerfull.....

It will be great if someone code an indicator like this.......normally place the channels manualy in the chart....
  • #16
  • Last Post: Jan 18, 2025 5:20pm Jan 18, 2025 5:20pm
Tweaked contribution if you find it useful.
Attached File(s)
File Type: ex4 ZigZag_AutoChannel MTF.ex4   18 KB | 363 downloads
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