ZigZag With Percentage Labels

Reading swing size off a plain zigzag line means eyeballing distances on the chart, which is slow and imprecise across a busy session. This version does that arithmetic for you and writes it next to each leg: pips, percent move, and how many bars the leg took to form. The one design decision worth stating plainly: the most recent swing point - the forming leg - is deliberately left unlabelled. The classic zigzag algorithm can still relocate that point as new bars arrive; the low it currently sits on might not be the eventual low of that swing. Labelling a number that can silently change later would be worse than showing no number at all, so the line still extends to that point but no pips/percent text is drawn until a later swing confirms it is done moving. Because the algorithm is a full backward-looking recompute rather than an incrementally patchable one - a new extreme can retroactively erase several recent swings - it recalculates the whole visible history once per closed bar rather than trying to patch state forward. That cost is fine at this frequency; it does not run per tick. Notes and limitations - The forming (most recent) swing point is intentionally never labelled - see the full description. It can still move as new bars arrive; treat its position as provisional until a later, labelled leg appears past it. - Recalculation happens once per closed bar, not per tick, so intrabar price action does not shift the zigzag until the bar closes. - Needs at least InpDepth * 2 bars of history before it produces anything. - At least three confirmed swing points are required before the first leg gets labelled - the very last leg into the newest swing is always the forming one and stays unlabelled by design. - No alerts - this is a charting and measurement tool only.

Indicator · MT4 · v1.0 · Free

Tags: ZigZag · Trading Sessions · MT4 Indicator · MQL4 Source Code

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