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 a 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.
This chart example shows the ZigZagOnParabolic indicator attached with the ExtremumsShift input parameter set to Chart time — note its peaks and troughs coinciding with the actual highs and lows of the chart.
Although ZigZag indicators are not 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, support and resistance levels, and other chart formations using the extrema as the foundation.
The chart above is the same indicator attached to the same chart as before but with the ExtremumsShift input parameter set to Detection time — note the peaks and troughs shifted to the right and coinciding with the Parabolic SAR reversals.
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.