You can now download the ZigZagOnParabolic indicator for free on AtoZ Markets indicators gallery.
ZigZagOnParabolic indicator is based on two standard MT4/MT5 indicators — ZigZag and Parabolic SAR, it tries to show an improved version of the first one by marking the extrema of the chart with a smaller delay. Standard ZigZag looks for new extremum by searching the percentage deviation of the price from the previous extremum. This new ZigZag does so by looking at the Parabolic SAR indicator. Both ZigZag and the Parabolic SAR are drawn atop of the chart. This indicator is available for both MetaTrader 4 and MetaTrader 5 platforms.
- Step (default = 0.02) — one of the parameters of the standard Parabolic SAR indicator.
- Maximum (default = 0.2) — another parameter of the standard Parabolic SAR indicator.
- ExtremumsShift (default = true) — if true then the extrema are shown at their actual places; if false then the extrema are shown at the points in time when they were detected. Useful to see the delay between the actual extremum appearance and its detection point.
- History (default = 0) — amount of bars to use for calculation of the indicator. Change only if your PC is really slow. 0 — all bars are used in the calculation.
How to trade with ZigZagOnParabolic indicator
Although ZigZag indicators aren't very good for actual trade signaling, this one can be used to enter short and long positions on maximums and minimums respectively. But the main use for this indicator is to build channels, patterns and other chart figures using the extrema as the basement.
How to download and install an indicator
In order to install the indicator on your MT4 or MT5 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT5>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the "ZigZagOnParabolic" indicator template to apply it on the chart.
Note: This indicator was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.