ZigZag on Parabolic [improved Zigzag] Indicator
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Old 09-07-2009, 02:09 PM
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Default ZigZag on Parabolic [improved Zigzag] Indicator

ZigZagOnParabolic MetaTrader indicator — has been designed based on the 2 standard and popular MT4 indicators — The ZigZag and the Parabolic SAR[PSAR], it tries to show a better version of the ZigZag indicator by marking the Extreme Point of the price with a little delay as compared to the original ZigZag. Standard ZigZag looks for new extreme points by searching the percentage deviation of the price from the previous extreme point[highest or lowest]. The new ZigZag does so by using a different technique and based on the PSAR indicator. It looks at the Parabolic SAR indicator. Both ZigZag and the Parabolic SAR are drawn on top of the chart. The little delay in this new ZigZag is for the better and not for the worst. For all those who used the standard zigzag, they will know how unreliable it is on that chart.

Input parameters of the indicator:

Step (default = 0.02) — standard Parabolic SAR indicator setting.
Maximum (default = 0.2) — another standard Parabolic SAR indicator setting.
ExtremumsShift (default = true) — if true then the extremes are shown at their actual places; if false then the extremes 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) — the 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.


Although the standard ZigZag indicator cannot be used to for trade entries as it is very unreliable, this new improved zigzag indicator can be used as entry or exits. Can be used to detect support and resistance levels as well. Have fun.
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File Type: mq4 ZigZagOnParabolic.mq4 (3.6 KB, 1845 views)
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Old 09-08-2009, 06:34 AM
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Here is one of the simplest way we could use this indicator to identify support and resistance levels and trade them as they break. Now adding some pivots and fibos together to it could produce some great results I believe. This will be almost a pure price action based system.


Most of the bad trades will have the opportunity to close at breakeven. Now, with the added fibos etc.. or maybe overbought and oversold indicators... they may allow us to avoid some of the bad breaks, therefore avoiding to trade them.
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Old 09-08-2009, 04:11 PM
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thanks for the indicators. It is helpful.
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Old 09-08-2009, 04:18 PM
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Quote:
Originally Posted by fx135 View Post
thanks for the indicators. It is helpful.
Glad you like it... Hope you will share your findings
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Old 09-08-2009, 05:17 PM
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As usual, thanks boss for sharing!

It's interesting to see the marriage of the two indicators. Zig Zag is notoriously known as the repainter, but if used with PSAR, it may hopefully rid of its bad reputation.
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Old 09-12-2009, 12:29 PM
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Great Indicator and I Appreciate Your Ideas on this Complete Trading System You have Presented here.
Thank You for Your Contribution.
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Old 09-12-2009, 03:58 PM
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could any body teach me how to download forex signals
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Old 09-14-2009, 08:40 AM
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First of all a big thank you for constructing and giving away this indicator. I use parabolic SAR constantly but now I am considering to transfer to this one.

I have a few questions though, just to clarify things.

With the indicator in hand , we can observe more clearly the trend.. since it's up or down indication... that's its purpose, right?

Moreover, we could see the resistance and support levels before the indicator, since this indicator takes the lowest lows and the highest highs, I cannot understand why you say we can identify the S&R better..


Cheers
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Old 12-17-2009, 03:51 AM
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Thanks A Million!
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Old 12-17-2009, 06:50 AM
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My pleasure... Any success, please share with us.
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