Zigzag Indicators for MetaTrader 4

Zigzag indicators in MetaTrader 4 are used to identify reversal points and wave structure of price, filtering out minor noise to display the primary market movement path. This indicator operates based on three main parameters: minimum price distance between points (Depth), percentage change required to form a new point (Deviation), and minimum candlestick distance between points (Backstep). The ZigZag algorithm only plots a new point when the price change exceeds a defined threshold, thereby removing unnecessary data from the chart. Advanced versions of these indicators, available for free on Trading Finder, can automatically calculate the length of each wave, movement angles, Fibonacci ratios between points, and percentage changes. Some models allow plotting multiple ZigZags simultaneously with different settings to analyze multi-layered price movement. The ability to save settings and use them across different symbols makes ZigZag a tool for studying wave behavior, identifying correction zones, and confirming trend continuation in the market.