Hi Jerami,

It is very dangerous to use these kind of indicators to build EA's on. Unless you write a formule were the EA's knows that the last signal that is given is valid and can not change anymore. For the float indicator that is impossible because it shows you only the high over a period and the low over a period. And those highs can be broken within that period. For the zig-zag formule it is possible because programmers succeeded to do this in metastock professional. But when zig-zag is used in a default way one can not use this indicator to rely on entrys in any way.
This is what one can read in Metastock professional about the zig-zag indicator:
The Zig Zag indicator is useful to filter out "noise" in a security's price and indicators. It is primarily intended to aid in the visual inspection of a chart.The Zig Zag indicator can be useful for those concerned with Elliot Wave counts since it helps identify significant turning points.
Be forewarned, that the last leg (i.e., segment) of the Zig Zag is dynamic, meaning that it can change. Therefore, be careful when designing system tests, experts, etc. based on the Zig Zag indicator.

For additional information on the Zig Zag indicator, refer to Filtered Waves by Arthur Merrill.

It is attempting to use those indicators because it gives you the feeling that it can predict very fast (even spot on) were a top or bottom occured but it is a false feeling because it can show you 20 times a top before it is spot on.
The float indicicator is the very same as the peak and trough indicator in Metastock professional. It shows you peaks and bottoms over a period of time.
This is what Metastock professional write about this indicator:
FUNCTION: Plots the value of DATA ARRAY Nth peak(s) ago. This uses the Zig Zag function (see Zig Zag) to determine the peaks. N=1 would return the value of the most recent peak. N=2 would return the value of the 2nd most recent peak. Etc.
FUNCTION: Plots the value of DATA ARRAY Nth trough(s) ago. This uses the Zig Zag function (see Zig Zag) to determine the troughs. N=1 would return the value of the most recent trough. N=2 would return the value of the 2nd most recent trough. Etc.
In this calculation it uses also a zig-zag or in other words, the last part of the indicator is dynamic and for this reason can not be used in EA's or programming formulas. It is helps you in a visual way...nothing else.

friendly regards...iGoR

PS. If you will use it with other indicators to confirm (because most of the time it is wrong--aspecialy in a trending market) then you will see that the other indicator will always be the major indicators. Meaning that they don't confirm but that they are the true engine of your system and that in this way, the float or zig-zag have no reason of existance.
In other words: EVERY TIME when I ask you a question and before you give me the answer you need to ask your friend first (because most of the times you give the wrong answer)...after a while I will not ask you these questions anymore but I will go straight away to your friend....