Hey there, fellow traders! Today, let’s dive into a unique indicator that's been making waves in the trading community—the Price Percentage Zigzag for MetaTrader 5. Unlike traditional zigzag indicators, this one doesn’t get tangled up with timeframes. Instead, it focuses purely on price movements, adjusting its legs based on percentage changes from price extremes.
This clean zigzag structure is the brainchild of Evgeniy Chumakov, who originally showcased this design in his MQL4 ‘Autoscale Zigzag’. You’ll find credit to him in the code, as his framework inspired this version.
As the creator of this MQL5 indicator, I’ve made some tweaks to set it apart from the Autoscale zigzag. Instead of relying on a scale, this version uses a price percentage input, making it versatile across all securities.
Now, keep in mind that while this zigzag can be a helpful tool, it shouldn't be your sole decision-maker for trades. Think of it more as a trend police officer—similar to the Renko charts. To get the best results, try using it alongside a momentum oscillator. This combination can help you pinpoint the right moments to jump into the market.
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