ZigZag Indictor - How to mark on Chart where new line begins?

The ZigZag Indicator is known for always repainting the last/new line. That is, from when the new line first appears, almost always this line grows longer.

I want to quantify how much this line extends for. That is, I want to get an idea on the average number of pips it repaints by; so marking the chart with the price when it first forms would be great.

Even better would be an on-chart number of pips from when it first created the new line to when the line becomes stable.

With this average of repaint-pips known, I think I can code an EA for it trade profitably. But for now I am having trouble understanding the buffer concepts in MQL.

The EA I have in mind would set limit orders "x-pips" away from when the line is first created - the limit order expiring if an even newer line is created.

These limit orders would be set with a take-profit at the average repainted pips in the last z-number bars.

Any ideas would be appreciated.

The right-most end of the zig zag moves around with price but the vertexes that have already formed don't move. Therefore all the points from the right-most end to the first vertex are subject to redrawing.

Exactly, and it is the last volatile one that I want track from its first formation until it is stable. Because it almost always repaints, there is a potential scalper EA in them thar pips.

Hallo dancingphil,

may be this zz indicator (it has small red dot as its history) something like you are looking for ?
http://www.forexfactory.com/showthre...61#post7189561

-smallcat

Thank you Bram; yes I got that from GG's thread. It brings back memories of the years ago when I first started making millions of dollars in Forex with the ZigZag. Most people hate repainting indicators with a closed minded passion.

But nothing is ever entirely bad.

I don't use the Zigzag much these days, but I have wonderful memories of it, and the tremendous profits I made from it.

Phil, I read your post over at the "Ultimate" thread and have been studying a ZZ indicator with dots for the historical points. You have a brilliant idea. I am looking for ways to enter on retracements. Exits are even more challenging as usual. Have you ever posted your rules for trading this anywhere?

Richard