Exciting News: The Indicator Has Been Updated!
If you're looking to enhance your trading strategy, you’ll want to check out the latest version of the FractalZigZagNorepaint indicator. This handy tool has been adapted from the MQL4 Code Base and is now ready for your MetaTrader 5 setup.
The Fractal ZigZag indicator employs the classic Zigzag technique to identify swing highs and lows, offering you a clearer picture of market movements. By understanding these swings, you can effectively draw or estimate a non-redrawing Zigzag, which backtracks values two bars from the current one.
Let’s dive into the four key input variables that make this tool a must-have:
Key Input Variables
- CalculateOnBarClose: This variable determines when a fractal high or low is drawn. Set it to true, and you'll see arrows appear only at the close of the current bar or the open of the next.
- ZZDepth: This relates to the ExtDepth input of the Zigzag indicator, crucial for defining how deep the indicator goes into price action.
- ZZDev: This corresponds to the ExtDeviation input. It helps you manage how much deviation from the price is considered significant for drawing the Zigzag.
- nShift: This sets the number of pips the arrows will sit above or below the identified fractal high or low, giving you that extra edge in visual cues.
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