ZigZagOnParabolic MetaTrader forex indicator — based on two standard MT4/MT5 forex indicators — ZigZag and Parabolic SAR — tries to show a more improved version of the 1st one by marking the extrema of the mt4 chart with a more minor delay. The standard ZigZag indicator looks for an extremum by searching the percentage deviation of the chart price from the previous extremum. This new forex ZigZag does so by looking at the forex Parabolic SAR indicator. Both forex ZigZag and the Parabolic SAR are drawn atop the mt4 chart. This forex indicator is available for both MetaTrader 5 and MetaTrader 4 platforms.
- Step (default = 0.02) — one of the standard Parabolic SAR indicator parameters.
- Maximum (default = 0.2) — another standard Parabolic SAR indicator parameter.
- ExtremumsShift (main default = Chart time) — if set to Chart time, the extrema are shown at their actual places. If set to Detection time, the extrema are shown when detected. This input parameter can be helpful in seeing the delay between the extremum’s actual time and its detection time.
- History (main default = 0) — the number of bars to calculate the indicator. If you experience performance issues, set this setting input parameter to some non-zero value. 0 — all bars are used in the calculation.
- EnableNativeAlerts (main default = false) — if true, a native forex MetaTrader popup alert will be used when a new zigzag peak or through is detected.
- EnableEmailAlerts (main default = false) — if true, an email message will be sent when a new forex zigzag peak or through is detected. Should be configured Email appropriately in MetaTrader via Tools->Options->Email.
- EnablePushAlerts (main default = false) — if true, an email message will be sent when a new forex zigzag peak or through is detected. Should be configured Notifications appropriately in MetaTrader via Tools->Options->Notifications.
Example and Forex strategy
This chart example shows the ZigZagOnParabolic forex indicator attached with the ExtremumsShift setting input parameter set to Chart time — note its peaks and troughs are coinciding with the natural highs and lows of the chart.
Although ZigZag forex indicators are not very good for actual entry trade signaling, you can use this to enter short and long entry positions on maximums and minimums, respectively. But the primary use for this forex indicator is to build channels, forex support and resistance levels, and other mt4 chart formations using the extrema as the foundation.
The mt4 chart above is the same forex indicator attached to the same mt4 chart as before but with the ExtremumsShift setting input parameter set to Detection time — note the peaks and troughs shifted to the right and coinciding with the forex Parabolic SAR reversals.
ZigZagOnParabolic Forex Indicator Free Download
Warning! If you do not know how to set up this indicator, please read the MetaTrader forex Indicators Tutorial.
Do you have any more suggestions regarding this indicator? You can always discuss the ZigZagOnParabolic indicator with the other traders on the indicators forums.