The first image's zigzags were drawn manually based on fractal points, the second image's zigzags were drawn automatically using the built-in zigzag indicator inside MT4, while the third image's zigzags were drawn automatically using the fractal zigzag indicator which I found after googling the internet.
The question is, is there anyone here in the forum that have or capable to code zigzags based on the fractal points?
What's wrong with the fractal zigzag indicator? Well, despite the fractal points are marked on the chart, the indicator mostly skipped these points. I don't know why and what it was based on. Using the fractal points as zigzag basis would minimize the repaint events that are frequent when using the common zigzag indicator.
Note that on the chart where the zigzags were drawn manually, when the fractal low is followed by a fractal low, I insert a fractal high between these fractal lows. The criteria for this fractal high (forced fractals are marked with white Xs) is simply the highest price between two fractal lows (or the lowest price if between two fractal high).
If anyone could help me with coding this indicator, I would be very grateful.
Cheers!
PS. Additional benefit with using my manual method in drawing the zigzags is that we know how long we would have to wait for the confirmation that the zigzag point is FIXED. With the good ol' zigzag, we never know when exactly the zigzag would be permanent (that is, will not repaint).
Linear Mode
