ZigZagOnParabolic Indicatoris based upon two standard MT4/MT5 indicator -- ZigZag, and Parabolic SAAR. It tries to show a better version of the first by marking the extrema with a shorter delay. Standard ZigZag searches for new extremums by looking at the percentage deviation in the price from its previous extremum. The Parabolic SAR indicator is used to determine the new ZigZag. The chart shows both the ZigZag as well as the Parabolic SAR. This indicator is available on both MetaTrader 4 (and MetaTrader 5).
- Step -- One of the parameters for the Parabolic SAR standard indicator.
- Maximum (default = 0.2) -- Another parameter in the Parabolic SAR standard indicator.
- ExtremumsShift -- If true, the extrema will be shown at their real locations; if false, the extrema will be shown at the time they were detected. It is useful to see the time delay between an extremum's appearance and detection.
- History -- The number of bars that can be used to calculate the indicator. Only change if your computer is very slow. All bars are used in the calculation.
How to trade with ZigZagOnParabolic indicator
ZigZag indicators don't do much for trade signaling but can be used to place short or long positions at maximums and minimums. This indicator's main purpose is to create channels, patterns, and other chart figures by using the basement as the extrema.
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.