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 looks for new extremum by searching the percentage deviation of the price from the previous extremum. This new ZigZag does so by looking at the Parabolic SAR indicator. Both ZigZag and the Parabolic SAR are drawn atop of the chart. This indicator is available for both MetaTrader 4 and MetaTrader 5 platforms.

Input parameters:

  • 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.
 
ZigZagOnParabolic Indicator Example MetaTrader Chart

Although ZigZag indicators aren't very good for actual trade signaling, this one can be used to enter short and long positions on maximums and minimums respectively. But the main use for this indicator is to build channels, patterns and other chart figures using the extrema as the basement.

Downloads:

ZigZagOnParabolic for MetaTrader 4 in .zip

ZigZagOnParabolic for MetaTrader 4 in .mq4

ZigZagOnParabolic for MetaTrader 5 in .zip

ZigZagOnParabolic for MetaTrader 5 in .mq5

Discussion:

Warning! If you do not know how to install this indicator, please read the MetaTrader Indicators Tutorial.

Do you have any suggestions or questions regarding this indicator? You can always discuss ZigZagOnParabolic with the other traders and MQL programmers on the indicators forums.