ZigZagChannel2ForMT4

ZigZagChannel2 draws a channel line parallel to the last leg of the ZigZag indicator. The upper and lower lines are based on the maximum possible distance from the zigzag line. Thus, the indicator builds support and resistance lines for the current trend (trend direction is determined by the indicator ZigZag).

Indicator Features

• Setting the Zigzag options (parameters ExtDepth, ExtDeviation, ExtBackstep).
• Displaying Fibonacci levels for the last leg of the zigzag (group parameters Fibonacci settings). User defined the values of Fibo-levels (the option is named Fibonacci percentages).
• Notification when the price crosses Fibo levels on the latest closing bar (group parameters Notifications settings): alert, sound, e-mail, push-notification.
• Adjusting the displaying of lines: color, style, width, or length of the beam (group parameters Drawing settings).
• Calculation of the angle of slope of the channel (displayed in the top left corner of the graph).