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ZigZag Indicator with Support and Resistance Rays

Article MQL5 code base
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Summary

This brief description presents a standard ZigZag indicator supplemented with support and resistance levels. ZigZag marks selected price swings, while the added levels provide a way to view potential areas where price may encounter support or resistance. The text does not specify how the levels are calculated, how they update, or what conditions would generate a trade, so it describes an indicator concept rather than a complete trading strategy.

The listing points readers to separate MQL4 and MetaQuotes ZigZag implementations, but includes no chart, parameter settings, market example, backtest, or performance evidence. As with swing-based indicators generally, the document does not explain whether plotted turning points can shift as new prices arrive. Any use in a trading rule would require checking the implementation and testing it against the intended market and timeframe.

Key ideas

  • The indicator combines a standard ZigZag with support and resistance levels.
  • ZigZag highlights selected price swings, and the added levels mark potential reaction areas.
  • The description does not state calculation rules, settings, or trading conditions.
  • No market example or performance evidence is provided.

Tags

Technical indicators

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.