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Pips ZigZag

The well-known ZigZag indicator that draws rays based on the “significant movement” specified by the pips parameter.

If a ray appears, it will not disappear (the indicator is not redrawn), only its extremum will be updated until the opposite ray appears.

You also can display text labels on each rays describing the width of the ray in bars and the length of the ray in points.

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This is an MTF indicator of support and resistance levels based on Advanced ZigZag Dynamic and/or Extended Fractals indicator extremums with price labels (can be disabled). More higher TFs can be selected for MTF mode. By default, the levels are generated based on ZigZag indicator dots. Fractals indicator dots can also be used together with ZigZag or instead of it. In order to simplify the use and save CPU time, calculation is performed once per each bar at its opening. Parameters: ForcedTF - ch
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Pips ZigZag MT5
Stanislav Aksenov
The well-known ZigZag indicator that draws rays based on the "significant movement" specified by the pips parameter. If a ray appears, it will not disappear (the indicator is not redrawn), only its extremum will be updated until the opposite ray appears. You also can display text labels on each rays describing the width of the ray in bars and the length of the ray in points.
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Version 1.3 2024.03.22
fixed "draw labels" bug
Version 1.2 2024.03.21
fixed some "draw labels" bug
Version 1.1 2024.03.19
fixed "update extremum" bug