Dynamic Zigzag Levels

The indicator draws two nearest levels on the chart in real time. One above the current BID price is the resistance level. The second below the current BID price is the support level.

The levels are calculated using the standard ZigZag indicator.

Application

The indicator can be used as an assistant for manual trading to inform about the nearest support/resistance levels.

The indicator can be used on any timeframe.

When touching or crossing the drawn support/resistance level, the indicator can beep (set in the settings).

Settings

• The period of history to calculate = 500 - history period, within which the levels (in bars) are searched for
• Depth - the setting indicator zigzag = 12 - ZigZag indicator parameter
• Deviation - the setting indicator zigzag = 5 - ZigZag indicator parameter
• Backstep - the setting indicator zigzag = 3 - ZigZag indicator parameter
• The color of the line Up = SteelBlue - Up line color
• The color of the line Dn = SteelBlue - Dn line color
• An audible signal to the level crossing = false - enable the level crossing audio alert
• Sound File = "alert.wav" - select a sound file for the audio alert

Trading Platform: MetaTrader 4
Category: Indicators
Author: Aleh Sasonka
Published:29 October 2015
Current version:1.10
Updated:6 May 2016

Download Free Demo of the 'Dynamic Zigzag Levels' Technical Indicator for MetaTrader 4 in MetaTrader Market!
Купите Технический индикатор 'Dynamic Zigzag Levels' для MetaTrader 4 в магазине MetaTrader Market!