XigXag – indicator for MetaTrader 4

XigXag is a modification of the ZigZag indiactor. This is used in the Xtrader which can be found on the Market place. The input parameters are best described here: http://www.mql5.com/en/code/7796

• ExtDepth=12; Number of bars for the next high or low when calculating ExtDeviation.
• ExtDeviation=5; Number of pips higher or lower than previous high or low.
• ExtBackstep=3; Minimal amount of bars between highs and lows.

Xtrader uses this indicator to generalize highs and lows for opening and closings positions at a loss.