Help with analysing ZigZag indicator | Forex Factory

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Help with analysing ZigZag indicator

  • #1
  • First Post: Edited 10:43pm Jul 24, 2015 10:32pm | Edited 10:43pm
Hello All,

I'm trying to determine the greater retrace in price that has occurred on a chart within say that last 100 candles. By greatest retrace I mean the maximum distance in pips that has occurred from a Highest High to a Lowest Low over this 100 candle period.

The attached ZigZag indicator which I found on this site is really useful as it provides the number of pips and candles for each leg of the zig zag but I do not know how to modify it in order to provide what I'm after.

Can anyone offer any insights or advice as to how I might be able to achieve this?

In essence using the attached indicator as a starting point, I want to look back over the last 100 candles and output the number of pips for the biggest down leg over this period, so that my EA can then use this information.

Thanks in advance,

Chorlton
Attached File(s)
File Type: mq4 ZigZagWithValue_Bars.mq4   9 KB | 477 downloads
  • #2
  • Jul 25, 2015 12:37am Jul 25, 2015 12:37am
Hello,
This may give you some help. It is a modification of the actual zigzag code, so no need to have the zigzag indi on the chart as well.
It draws text with the span value (in points, not pips) at the point with the biggest zig zag range
Maybe you can adapt it to do exactly as you wish. I have not tested it when the market is open

New code is mainly after line 254, plus I have added inputs for the text and look back bars
Attached File(s)
File Type: mq4 ZigZag_Biggest_Range.mq4   10 KB | 470 downloads
Please Do Not PM Me With Coding Enquiries
  • #3
  • Jul 25, 2015 2:13am Jul 25, 2015 2:13am
Quoting Gumrai
Hello, This may give you some help. It is a modification of the actual zigzag code, so no need to have the zigzag indi on the chart as well. It draws text with the span value (in points, not pips) at the point with the biggest zig zag range Maybe you can adapt it to do exactly as you wish. I have not tested it when the market is open New code is mainly after line 254, plus I have added inputs for the text and look back bars {file}
Hi Gumrai,

Firstly, a massive thank you for providing this.

Whilst working on my EA strategy this afternoon I've just realised that in order to provide necessary flexibility to my EA, I also need to determine the number of pips / or points in the biggest upward leg over the same period.
In other words, I need to know what the number of points are for the biggest down leg & for the biggest up leg over the period.

I've tried to go through your code below but I'm having difficulty (due to my lack of programming experience) in understanding what it is doing. Would you be able or willing to explain in plain english what these lines are doing?

As a starting point would I be right in assuming ZZ_array[x+1] provides the value for one end of the zigzag line and ZZ_array[x] the value for the other end?

If this is correct, would I then be right in assuming that I need two other loops outside of your code, one which checks if ZZ_array[x+1] is greater than ZZ_array[x] first (to ensure we are checking values for the UP legs/spans only) and another loop checking that ZZ_array[x+1] is less than ZZ_array[x] for the DOWN legs/spans???

Or am I completely wrong???

static datetime bartime=0;
if(Time[0]!=bartime || prev_calculated!=0)
{
double ZZ_array[][2]; //[index][value]
bartime=Time[0];
int size=0;
for(int x=0;x<LookBack;x++)
{
if(ExtZigzagBuffer[x]!=0)
{
size++;
ArrayResize(ZZ_array,size);
ZZ_array[size-1][0]=x;
ZZ_array[size-1][1]=ExtZigzagBuffer[x];
}
}
if(size>2)
{
double max_range=0;
int index=0;
double zz_val=0;
for(int x=size-2;x>0;x--)
{
double span=MathAbs(ZZ_array[x+1][1]-ZZ_array[x][1]);
if(span>max_range)
{
index=(int)ZZ_array[x][0];
max_range=span;
zz_val=ZZ_array[x][1];
}
}
  • #4
  • Jul 25, 2015 6:51pm Jul 25, 2015 6:51pm
Quote
As a starting point would I be right in assuming ZZ_array[x+1] provides the value for one end of the zigzag line andZZ_array[x] the value for the other end?

Yes, the code initially runs through the look back bars and stores the zigzag values and bar index in an array.
Then it checks through the values in the array to find the largest span.

Quote
If this is correct, would I then be right in assuming that I need two other loops outside of your code, one which checks ifZZ_array[x+1] is greater than ZZ_array[x] first (to ensure we are checking values for the UP legs/spans only) and another loop checking that ZZ_array[x+1] is[/highlight]...

not quite.
Just use the same checking loop, but introduce extra variables and code to check for up and down legs. Add a new object as now there will be 2 values

Check the modified code attached, obviously not tested when the market is open
Attached File(s)
File Type: mq4 ZigZag_Biggest_Range_H&L.mq4   11 KB | 519 downloads
Please Do Not PM Me With Coding Enquiries
  • #5
  • Last Post: Jul 25, 2015 11:29pm Jul 25, 2015 11:29pm
Quoting Gumrai
{quote} Yes, the code initially runs through the look back bars and stores the zigzag values and bar index in an array. Then it checks through the values in the array to find the largest span. {quote} not quite. Just use the same checking loop, but introduce extra variables and code to check for up and down legs. Add a new object as now there will be 2 values Check the modified code attached, obviously not tested when the market is open {file}
Thank You Gumrai.... I'll take a closer look at your code to see how its working...
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