ZigZag on Parabolic - indicator for MetaTrader 5

Real author:

EarnForex

This indicator builds ZigZag based on the Parabolic SAR indicator. This is an advanced ZigZag version marking extreme values on a chart with less lag. The standard ZigZag looks for a new extreme value following the price percent deviation from a previous extreme value. This new indicator keeps track of a price crossing with Parabolic SAR.

Input parameters:

• Step (default value = 0.02) — standard Parabolic SAR indicator parameter;
• Maximum (default value = 0.2) — another standard Parabolic SAR indicator parameter;
• ExtremumsShift (default value = true) — if true, extreme values are shown at their actual location; if false, extreme values are shown at the time points where the indicator locates them. It helps to improve working with extreme values.