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Most accurate ZigZag indicator?

  • #41
  • Apr 10, 2020 8:17am Apr 10, 2020 8:17am
Quoting Nicholishen
Dropping by to post an updated ProZigZagMod that fixes a minor bug with the corrective algorithm not going back far enough on recalcs. Before: {image} After:{image} {file}
Hi Nicholishen,

I tested your shared indicator, but it didn't work. I don't see Zigzag on chart. Could you fix it?

Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 165 KB
  • #42
  • Apr 10, 2020 9:55am Apr 10, 2020 9:55am
Quoting HuyTitan
{quote} Hi Nicholishen, I tested your shared indicator, but it didn't work. I don't see Zigzag on chart. Could you fix it? Thanks. {image}
Use this one https://www.mql5.com/en/code/263
  • #43
  • Jun 2, 2020 6:47am Jun 2, 2020 6:47am
Hi
I am interested to test this indicator in my EA - simply by swapping it out with the current Zigzag indicator using the icustom function. The outputs from the buffers don't seem to be accurate though. I noticed others were having the same issue -from the codebase repository - https://www.mql5.com/en/code/263
Do you know how to get the last high and low from the buffers using icustom? I need these values in my EA.
thanks
  • #44
  • Jun 8, 2020 1:48am Jun 8, 2020 1:48am
Quoting Nicholishen
{quote} Use this one https://www.mql5.com/en/code/263
i have a new indicator for but the zizag and fibo input it is a very faboulous indicator which you most make profit from but the down side is that i bought it and it expires i dont know if you know how to rewrite it or help me in any way so that i would be free for me to use
Zona
  • #45
  • Jun 8, 2020 1:54am Jun 8, 2020 1:54am
you can see from the pic below it is perfect
Attached Image (click to enlarge)
Click to Enlarge Name: Image1.png Size: 55 KB
Zona
  • #46
  • Sep 21, 2020 7:52pm Sep 21, 2020 7:52pm
Zigzag fibo is very powerful
  • #47
  • Oct 3, 2020 8:51am Oct 3, 2020 8:51am
Quoting Kaito2
Zigzag fibo is very powerful
yeah i know i want a zigzag indicator that that step outside the highs and lows of the chart in mt4 just like the picture i posted
https://www.forexfactory.com/attachm...1&d=1591599248
Zona
  • #48
  • Oct 4, 2020 12:00pm Oct 4, 2020 12:00pm
Quoting Kaito2
Zigzag fibo is very powerful
Oh yes: ZigZag + Fibo it's a wonderful tool

https://www.forexfactory.com/thread/...nacci-strategy
  • #49
  • Mar 18, 2021 7:42am Mar 18, 2021 7:42am
Quoting Nicholishen
{quote} Use this one https://www.mql5.com/en/code/263
have in version mt4?
  • #50
  • Edited 10:55pm Jun 21, 2021 8:38pm | Edited 10:55pm
Quoting Nicholishen
I'm on the search for the most accurate zigzag indicator. So far the best I've been able to find is the "professional zigzag" indicator written by Aleksandr Chugunov. This was originally developed for MT5, but I back-ported and compiled it for MT4 (attached). I would appreciate if anyone has any other suggestions. {file} {file} {file}
Hi Nicholishen,
Thanks for sharing this ...
just curious, is it possible to create a ZigZag that not based on high/low of candle (lets say based on other ZigZag) ?
if yes, any idea how to do it ?
Any clue is very appreciated....
  • #51
  • Oct 13, 2021 2:26am Oct 13, 2021 2:26am
Quoting newhope
{quote} Hi Nicholishen, Thanks for sharing this ... just curious, is it possible to create a ZigZag that not based on high/low of candle (lets say based on other ZigZag) ? if yes, any idea how to do it ? Any clue is very appreciated....
Hi "newhope",
did you find any better ZigZag?
do you think it is better to have a ZigZag based on ATR or Points of leg/swing height?
for example: just find legs with height 350 points for eurusd not lower.
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDH4.png Size: 32 KB
  • #52
  • Dec 31, 2021 9:48pm Dec 31, 2021 9:48pm
Quoting poruchik
https://www.mql5.com/ru/code/10074 ================= I downloaded the indicator ( post 21) not from the website mql. He has been made in 2013. It wasn't compiled, there was one mistake, I have corrected it, but as I am not a programmer, could be mistaken. Look at the new version of the indicator from the website mql. I have added to the name 2017 {image} {file} {file}
this ENUM_TIMEFRAMES timeframe error should be easy to fix. It is in the function GetOrderFormationBarHighLow() here you try to get datas about the high low bars obviously in the time frame your chart is on, so just replace what ever has caused the error with a logical "NULL" stands for current time frame.

replace period() with NULL and compile.
  • #53
  • Jan 1, 2022 8:21am Jan 1, 2022 8:21am
Quoting Nicholishen
I'm on the search for the most accurate zigzag indicator. So far the best I've been able to find is the "professional zigzag" indicator written by Aleksandr Chugunov. This was originally developed for MT5, but I back-ported and compiled it for MT4 (attached). I would appreciate if anyone has any other suggestions. {file} {file} {file}
Hello Nicholishen
Did you managed to find any better zigzag indicator after more than 4 years?
Please let me know.
Thanks
  • #54
  • Aug 8, 2022 1:18pm Aug 8, 2022 1:18pm
Quoting Nicholishen
{quote} I was finally able to get some free-time to integrate ProZigZag into my OOP library, and it's fast as well as accurate. With three separate indicator threads (calling iCustom with indicator running from ...\Indicators) the refresh time is only about 50 micro seconds, and when I compile the indicator into the EA it ups it to about 500. Here is a test EA with the indicator baked in - running three MTF instances 1,5,and 15 min. (no trading actions, just paints the zags on the chart) This is what the EA code looks like... #include <Indicators\ProZigZag.mqh>...
I noticed the ProZigZag.mqh files was never posted. Does anyone have it?
  • #55
  • Aug 16, 2022 6:14pm Aug 16, 2022 6:14pm
Quoting Nicholishen
...I'm talking about the correct order in which to process the High and Low of an outside bar. Most ZZ algos process this way. {image} This is how it should be processed. {image} From the article here. https://www.mql5.com/en/code/263
Nicholishen isn't active here anymore but his posts are the most specific regarding that issue so I reply to him. Everyone may feel addressed:

All ZigZag implementations I have seen here are broken in one way or another as far as they follow the logic of MetaQuotes. Especially for a correct ZigZag an issue called "outside bar" doesn't exist. A so called "outside bar" is always the result of broken calculation logic. Let me explain why:

The fundamental internal calculation base of almost any ZigZag is a Donchian channel. So a ZigZag indicator as most of us know it is just a different visual representation of a Donchian channel. For a Donchian channel there is no such thing as an "outside bar". The issue we are facing with most ZigZags is caused by the implementation using the indicator style DRAW_SECTION. It connects all values of an indicator buffer by a line. Missing values don't interrupt the line. The result is a zigzag line without vertical segments.

However such a line doesn't correctly represent a Zigzag indicator as High and Low of a swing can and may happen during the same bar (imagine a long bar at NFP time). So the correct drawing style for a correct ZigZag indicator is instead DRAW_ZIGZAG. It connects the values of two consecutive buffers (even and odd) by a zigzag line and vertical segments (stair step or saw tooth pattern). With a correct ZigZag implementation there is also no need to inspect lower timeframes. All that's needed is bar Open/High/Low/Close.


Quoting hanover
...Personally I don't find ZZ helpful...
It is a fundamental misconception to discard the ZigZag indicator as not helpful or useless. From all indicators MetaQuotes included in their software package the ZigZag indicator is the most valuable. In fact we only need that single indicator for trading and nothing else. I'm very sure that MetaQuotes knows about this and that the implementation included with the terminal was never fixed for a reason.

Why is the ZigZag so useful? I already gave the answer. Because the ZigZag is just a different representation of the Donchian channel. Now I mentioned this term already four times. Does that ring a bell for somebody? Still not? There was a very famous trading project in the 80's which generated about 100 Million $ in a year from a very specific setup. Still no bell?

On the left we have a Donchian Channel, on the right we have a ZigZag with the same settings. Wait!!! What the f**ck! It's the same!!!
Attached Image (click to enlarge)
Click to Enlarge Name: Donchian or ZigZag.png Size: 47 KB

Here are the settings for both:
Attached Image (click to enlarge)
Click to Enlarge Name: ZigZag settings.png Size: 37 KB


Now I'll wait for somebody to ring the bell. Maybe Hanover?

ps: Source code: https://github.com/rosasurfer/mt4-mq...ors/ZigZag.mq4
It takes blood, sweat and enough tears to wash away the blood.
  • #56
  • Edited 7:36pm Aug 16, 2022 6:37pm | Edited 7:36pm
I'll give another hint. Some years ago there was kind of an infamous user here at FF. I don't exactly remember his name. Was it RockingPhil? Or BreakingBill? I think it was TerenceHill. He claimed to have made 88 Million US$ over some years with a very aggressive setup. Of course nobody believed it and he became kind of a most hated user. Until today we don't know whether he was a liar or not.

Pssst... that chap used the Z indicator. He posted authentic demo account statements like this
Attached File(s)
File Type: zip Demo account.zip   7 KB | 623 downloads


Inserted Video
It takes blood, sweat and enough tears to wash away the blood.
  • #57
  • Aug 17, 2022 6:03am Aug 17, 2022 6:03am
Hello Emmzett,

Thanks for the code, but not knowing anything about coding,
can post the zigzag indicator here, as long as it is free

Thank,s
  • #58
  • Aug 18, 2022 1:15am Aug 18, 2022 1:15am
Hi Emmzett,

I'm not very familiar with GitHub, but I have a login, and on a few occasions I have downloaded indicators from there -- pretty much always as a Zip file download -- and I've been able to install and compile most I've attempted.

With your ZigZag, well I'm just lost. From GitHub, I downloaded the Zip file that has everything, including your "mql4" folder, which I can see has a similar structure to MT4's MQL4\ folder. Your mql4\indicators\Zigzag.mq4 has a lot of "#include" statements for custom files, so I copied 100% of all your mql4 files into their respective folders in a copied MT4 (b1353) installation which otherwise works fine. (Since standard MQL4\Indicators\ZigZag.mq4 already exists, I allowed your custom version to be renamed).

When I open the renamed "ZigZag (2).mq4" and attempt to compile it, I'm getting 442 errors, pretty much all of which are complaining about: '.' - unexpected in macro definition

For example, in MQL4\Includes\structs\sizes.mqh (one of your files), all of these lines with "." are causing compile errors:

#define EC.pid 0 // All offsets must be in sync with the MT4Expander.
#define EC.previousPid 1
...

There are similar problems in stddefines.mqh, ManageDoubleIndicatorBuffer.mqh, ManageIndicatorBuffer.mqh

File stdfunctions.mqh has several warnings like "see previous declaration of variable 'hWnd' but in my experience, usually those can be ignored.


What must I do to be able to compile your ZigZag.mq4 ?

Thanks,
Kent (pips4life)
  • #59
  • Aug 18, 2022 1:52am Aug 18, 2022 1:52am
Quoting emmzett
I'll give another hint. Some years ago there was kind of an infamous user here at FF. I don't exactly remember his name. Was it RockingPhil? Or BreakingBill? I think it was TerenceHill. He claimed to have made 88 Million US$ over some years with a very aggressive setup. Of course nobody believed it and he became kind of a most hated user. Until today we don't know whether he was a liar or not. Pssst... that chap used the Z indicator. He posted authentic demo account statements like this {file} https://www.youtube.com/watch?v=ApgTfDzo0n4...

Whether the demo account statement was real or not cannot be determined from just the statement. There are only 12 trades. I only have H4 bars for Jan 2013, but here's what they look like:

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 33 KB

In a larger H4 context, (with a data gap around Aug/Sep 2012):
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 33 KB

In the very much larger W1 context:
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 33 KB


Looking at the H4 chart, the rational for the trades is not obvious, but of course it would be very helpful to have smaller TF data to see the full details for the trades. There are some early longs that would have fought against a strong H4 downtrend, but were apparently closed in small profit. (Most trades are just a few pips, with ~22p being about the longest). After it started to turn upwards, there are still some shorts, then some VERY short (and low profit) longs that if held, would have done very well. One of the shorts that closed +9.6p started within one H4 bar, but seems to have gone into the next H4 bar, and *if* it did, would have been -35p at one point, which would have been a very big percentage unrealized loss.

I cannot know for certain, however, without having smaller TF charts. There is a chance that my data feed (NY-7, sometimes called GMT+2) does not match the timezone for the statement, and so it might need to be shifted by some # of hours, maybe 2 ?? That said, none of these trades appear outside of these H4 bars High-to-Low range, which usually indicates that the timeshift is correct.

I don't know what "Z indicator" you are referring to that the unnamed trader supposedly used for these trades. Do you have more details, or just "hints" for now??
  • #60
  • Edited Aug 19, 2022 9:39am Aug 18, 2022 1:35pm | Edited Aug 19, 2022 9:39am
Quoting pips4life
...There is a chance that my data feed (NY-7, sometimes called GMT+2) does not match the timezone for the statement, and so it might need to be shifted by some # of hours, maybe 2 ?? ...That said, none of these trades appear outside of these H4 bars High-to-Low range, which usually indicates that the timeshift is correct. I don't know what "Z indicator" you are referring to that the unnamed trader supposedly used for these trades. Do you have more details, or just "hints" for now??
Yes, your feed's timezone setting is correct. In 2013 Pepperstone already used the same. I didn't expect that my reference to a "Z indicator" would be so easily misunderstood (PMs show you are not the only one). In the context of this thread Z means ZigZag. In the first years DancingPhil used mainly the ZigZag, later he shifted to other setups. :-)

There is another trader user named "XARD" - a former UBS trader who together with the other well-known guys runs forex-station. He promoted a similar setup using two nested ZigZags ("XARD universe"). He also uses the broken version and I doubt he trades at all (looks very much like a fraudster to me). Too many bells and whistles but essentially two ZZ. It works. The key to the ZigZag are not the extremes but the reversal moments, that's when a new leg appears. When the ZigZag changes direction the signal is identical to the breakout of the Donchian Channel. This is the key to successfull setups.

From all the indicators MetaQuotes included in the terminal it's the only not lagging one, based on pure price only. Every other indicator (as most technical indicators) is derived from a Moving Average - in one form or another. It's so difficult to make them work because they all show only the past. Now we finally have a non-lagging indicator - something everyone is looking for - and some of the most respected and reputed traders of the forum (e.g. Hanover) claim "it's not helpful". Sometimes you can only wonder...

And of course the bell I mentioned referres to Richard Dennis and his Turtles. He used exactly that setup. It doesn't mean you can throw it at any chart and it starts making money. But in the right context ZigZag/Donchian works like a machine. Key is volatility. If market ranges it loses, if market swings it generates massive returns. So instead of focussing on trends one can focus on spotting volatility, e.g. at specific hours of the day. For example the first hour of the US market.

Here are some examples I posted last year showing a perfect day: https://www.forexfactory.com/thread/...5#post13708815
Key is to wait for volatility at specific times. You can't predict the next trade but with experience and patience you can predict the next 5 trades. One of them will be a runner, and one is enough. Of course have a loss limit and stick to it.


ps: Your compiling issues are caused by my code being written in classical MQL4 which is not supported anymore by MetaQuotes' current MQL5 compiler. The MQL4 compiler I used is in the projects "/bin/" folder. I'll compile a version and will attach it here later. Give me a moment, please.
It takes blood, sweat and enough tears to wash away the blood.
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