This is a custom indicator called 'ZigZag Lines MTF' developed by the Forex Robot Easy Team. It is designed to identify and draw support and resistance lines using the ZigZag algorithm on multiple timeframes. The indicator can be used to identify potential breakout levels and trade reversals in the market.
The indicator initialization function sets the necessary properties and buffers for the indicator. It sets the short name of the indicator to 'ZigZag MTF' and the index style to draw lines. It also maps the indicator buffer to the ZigZagBuffer.
The custom indicator iteration function calculates the ZigZag lines based on the high and low prices of each bar. It determines the current high, low, and close prices and checks if they form a resistance or support level. If a resistance level is detected, a red line is drawn. If a support level is detected, a green line is drawn. The function also draws the current target price as an arrow on the chart.
There are two helper functions used to draw lines and targets on the chart. The DrawLine function creates a trend line object with the specified start and end prices and sets the color. The DrawTarget function creates an arrow object at the specified price and sets the color.
This code represents a sample implementation of the ZigZag Lines MTF indicator for MetaTrader 5. It is not the official development of the Forex Robot Easy Team but can serve as a demonstration of how the indicator works.
The ZigZag Lines MTF indicator is a powerful tool for identifying support and resistance levels and potential breakouts in the market. It uses the ZigZag algorithm to analyze price swings and draw lines on the chart accordingly. The indicator provides traders with a visual representation of key price levels, making it easier to identify potential trading opportunities.
With the ZigZag Lines MTF indicator, traders can:
- Identify support and resistance levels on multiple timeframes.
- Spot potential breakout levels for entering trades.
- Determine key price levels for setting stop-loss and take-profit levels.
- Enhance their technical analysis by incorporating support and resistance lines.
Please note that ForexRobotEasy is not the official developer of this product. We only provide sample code that demonstrates its functionality. For more information about the ZigZag Lines MTF indicator and to find the official developer, please visit the MQL5 website.
For detailed reviews and trading results of this product, please visit the following link: Review: ZigZag Lines MT5