MultiZigZag - Expert for MetaTrader 4
The indicator is a modified version of the ZigZag tool, which was a part of the standard MT4 kit in 2005. In comparison with the prototype, the indicator is free of such drawbacks as slippage, inaccurate construction, and lagging during strong market fluctuations.
To build each zigzag, two buffers are used: one for maximums and one for minima. It allows displaying the minimum and maximum values simultaneously on one bar. In the indicator settings, it is possible to change the number of bars for calculation, the periods of the graphs, and the number of the zigzag extremes.
MultiZigZag shows significant reversals and moments of the trend change, which greatly facilitates the analysis of charts. Most often it is used as an additional tool in conjunction with Bollinger bands or fractals.