Youve probably seen the standard MetaTrader ZigZag indicator that is capable of drawing lines from one chart extremum to another. It looks good and neat but it has two disadvantages: its not very accurate and it also has a bad delays for detection, because it is quite linear in its nature. This new improved version of the ZigZag indicator does the same — draws the lines between the charts extrema, but it uses Parabolic SAR (another well-known standard indicator) to find those extrema. This makes the whole calculation a dynamic process, which manages to reduce the delay between the point of extremum and its detection point.
The resulting extrema may be used to build regression channels or the chart patterns (like triangles and wedges) as you wish. You can find more information about this indicator and also download it for free:
If you have any questions or interesting thoughts regarding this extremum indicator for MT4, please, feel free to reply using the form below.
