MT4 ZigZag indicator system

I just want to know how could I write an EA based on MT4 indicator ZigZag

It is a lagging indicator, as many other indicator, but is clearly says how should you traded.

An interesting state is, when the last line is drawn to the curent, opened candle, because it means that made a new HH / LL.

So can be checked - maybe on next candle is a a ranging will be or a pullback to a fibo level?

I don't know how is the R:R to play against momentum to pullbacks sometimes the SL is hit and I have a "gap provider" broker not a "liquidity provider" So in my case not worth or maybe with extra attention

What to do in this candle?


How to define the "ranging" in this case?

Solution: use range bar line charts no lag involved all noise removed

You mean to drop those bars from chart in MT4 where it doesn't have X pip movement?

At M15 another forming:


Just I wish to know how to profit from that!

A range bar say 10 pips doesn't form till price moves 11 pips so if you were to get range bars on a mt4 or other charts like ninja or sierra the change it from bar to line chart then you will see what I mean. You don't need time charts

no need other indicators

just zigzag

repaint? yes
so?

run it in visual mode

and the reason why is?

Can you please elaborate?

What to do when I am on a candle where the ZigZag shows HH / LL?
What to do when the candle closed and the ZigZag shows HH/LL on closed candle?

zigzag indicator is not suitable for a trading system.
It may be used to spot swing high/low as suppt/resist.
or wave counting.

Thanks,
It seems it is a trade system, but has other name:
http://www.forexfactory.com/showthread.php?t=551382
Works well on ranging , fails on trending