KT ZigZag Arrows MT4 外汇EA

The indicator plots the Up and Down arrows on every price swing made by the classic Zigzag indicator. When Zigzag makes a new swing low, a green arrow is plotted. Likewise, a red arrow is plotted when Zigzag makes a new swing high.

Features

• Compared to the classic ZigZag, it marks the swing points more effectively.
• It helps to identify the forming chart patterns in advance.
• It comes with a Multi-Timeframe scanner which shows the Zigzag direction on each timeframe.
• All Metatrader alerts included. 

Inputs

• Depth: an integer value to decides the no. of bars in Zigzag turning points.
• Deviation: percentage deviation before changing the direction.
• Back Step: The min. no. of bars between Zigzag highs/lows. 
• MTF Scanner: Shows the ZigZag direction across multiple time-frames.
• Alert Settings

Drawbacks

The Zigzag is a repainting and lagging indicator, so it’s pretty evident that the arrows based on it will also repaint and lag. It may seem perfect on historical data because it keeps adjusting itself according to the swing highs and lows.