ZigZag Channels:
Do you like the ZigZag indicator? I like it too much
because it's the easiest way I can use to draw the
trends.
As you see in Figure 1 the trends are drawn from the
last two highs and the last two lows of the ZigZag
indicator (The ZigZag indicator is in Red and the two
bands are in Yellow).
How to use MetaTrader to draw
the trends (The hard way)?
To use ZigZag first you have to go to the
navigator window and choose it from the custom indicator
(figure 2).
Now to draw the upper trend line you have
to choose the trend line from the lines toolbar (figure
3) then draw a line connecting the most near two highs
of the ZigZag indicator.
For the lower trend line you will do the same steps but
in this case you will draw a line connecting the most
near two lows of the ZigZag indicator.
Traders voice:
I don't talk in trading too much (because
I'm a good coder not trader) but the traders use the
breakout of the upper and lower trends line to sell and
buy:
When the price break up the upper trend
line it's a long signal.
When the price break down the lower trend
line it's a short signal (figure 4).
The upper and lower trends used as
resistance and support lines.
How to draw the
trends using MQL4 (The easy way)?
I modified the ZigZag indicator to
automatically draws the upper and lower trends lines for
you. Just drop it on the chart and it will do all the
job.
These are the settings you can play with:
ExtDepth,
ExtDeviation and ExtBacksep:
These are he normal parameters of the
ZigZag indicator, set them to the values you used to use
or keep the defaults.
color_trend_1:
The color of the upper trend line.
color_trend_2:
The color of the lower trend line.
back:
If you want to draw the trend for previous
highs and lows (in the case you want to test the system
of trend break out for previous periods or for any other
reasons) you can set the back to the number of the highs
and lows back in history to draw the upper and lower
trend lines.
For example in figure 5 "back" was set to
1.
I hope you enjoyed the ZigZag Channels
version and I hope you give the code a look and ask me
if you find anything not understood.
Cya!
Coders' Guru
download:
ZigZag
Channels
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