Zig and Zag - anyone tried this indicator?

Has anyone tried this indicator?
My brother found it on the mql4 community forum and forwarded it to me.
I have been demo testing it for 4 days and it does give good results on the 15Min and 1H charts.
The only thing that does not sit well with me is that as soon as the trend it has indicated, change to the previous one, it takes the last trend indicator away.

It does give good signals and I trade it with a tight stoploss of 10-20 pips, mostly 10 pips.
I do also use a stochastic oscillator K%5 D%3 Slowing3 with it.
Profits so far has been good and some run into the +100 pips (- the "false" start losses of 10-20pips).

Anyone else tested it?

Regards
J

Forgot the image:

Here is the expert advisor: http://codebase.mql4.com/3769

Thanks, checked it out.

I see that is for the 4H chart, this is something I picked up that it does not give a good indicator on the 4H, the 15Min works better.

Will continue testing it.

Any update on the testing??

I see that I give a nice and general direction of the trend...


sonic

Testing doing ok..... it redraws itself when the market condition changes, and this is the only thing about it that I don't like. I also fail to enter the market at the turn of the indicator, only because I am still 2nd guessing myself, or rather the indicator....

I am now using it with mt4 indicators "T3" and "Snake" as per this thread:
http://www.forexfactory.com/showthread.php?t=91915

and it helps with false entries. The T3; Snake; 1x5; 2x5 and marketprice indicators provided there are not half bad, actually very informative.

Just need to get guts to use this trade setup with my live account.
Of course the demo acc is growing OK, but as you know...trade live and it feels like market is trying to snuff you out ....