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ZigZag with Extras for MT4

This indicator is based on the original ZigZag provided as a source code example with MetaTrader installations.

I rewrote it with some extra features for displaying the “depth” channel and the respective break-outs. It also allows one to observe prior zig-zag points.

Optionally, it can alert the user when break-outs occur. The alerts can be simply on the terminal or also via push notifications on a mobile device, with your own custom text.

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This indicator implements the original “ Average True Range (ATR) ” developed by John Welles Wilder Jr. , as described in his book— New Concepts in Technical Trading Systems [1978] . It uses Wilder’s moving average , also known as the smoothed moving average (SMMA) , instead of a simple moving average (SMA) as used on MetaTrader’s built-in ATR indicator. The default period applied is 7, instead of 14, as per the description in his book.
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Most traders are aware of the famous Japanese Heikin-Ashi indicator, created in 1700s by Munehisa Homma . It is sometimes spelled Heiken-Ashi , but its meaning remains the same, namely “average bar” in Japanese. This is an implementation of that very well known Heikin Ashi indicator, but with a few added features. For one, it allows for its values to be weighted by the volume , be it the tick-count volume , real volume , or pseudo-volume based on the true range. The major benefit is to reduce th
Most traders are aware of the famous Japanese Heikin-Ashi indicator, created in 1700s by Munehisa Homma . It is sometimes spelled Heiken-Ashi , but its meaning remains the same, namely “average bar” in Japanese. This is an implementation of that very well known Heikin Ashi indicator, but with a few added features. For one, it allows for its values to be weighted by the volume , be it the tick-count volume , real volume , or pseudo-volume based on the true range. The major benefit is to reduce th
This indicator is based on the original ZigZag provided as a source code example with MetaTrader installations. I rewrote it with some extra features for displaying the “depth” channel and the respective break-outs. It also allows one to observe prior zig-zag points. Optionally, it can alert the user when break-outs occur. The alerts can be simply on the terminal or also via push notifications on a mobile device, with your own custom text.
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