ZigZagOnParabolic MetaTrader indicator | FREE Forex Trading Indicator
ZigZagOnParabolic MetaTrader indicator — based on two standard MT4/MT5 indicators — ZigZag and Parabolic SAR, it tries to show an improved version of the first one by marking the extrema of the chart with a smaller delay. Standard ZigZag searches for new extrema by calculating the price’s percentage deviation from the previous extremum. This new ZigZag indicator does so by examining the Parabolic SAR indicator. The ZigZag and Parabolic SAR are both drawn at the top of the chart. This indicator is compatible with both the MetaTrader 4 and MetaTrader 5 platforms.
- Step (default = 0.02) — one of the parameters of the standard Parabolic SAR indicator.
- Maximum (default = 0.2) — another parameter of the standard Parabolic SAR indicator.
- ExtremumsShift (default = true) — if true then the extrema are shown at their actual places; if false then the extrema are shown at the points in time when they were detected. Useful to see the delay between the actual extremum appearance and its detection point.
- History (default = 0) — amount of bars to use for calculation of the indicator. Change only if your PC is really slow. 0 — all bars are used in the calculation.
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Although ZigZag indicators aren’t great for actual trade signalling, this one can be used to enter short and long positions on maximums and minimums. However, the main application of this indicator is to create channels, patterns, and other chart figures by using the extrema as the foundation.
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