Features:
Detects key support and resistance levels using ZigZag pivot points.
Identifies high and low extremes to calculate levels.
Optional display of closed and open levels for historical analysis.
Adjustable ZigZag parameters: Depth, Deviation, and Backstep.
Interactive labels display the level type and timeframe.
Works on all standard MetaTrader symbols and intraday to daily timeframes.
Parameters:
Parameter Name
Description
InpLookback
Total number of bars to analyze for level detection.
InpDepth
ZigZag Depth parameter to identify pivots.
InpDeviation
ZigZag Deviation to filter minor price fluctuations.
InpBackstep
ZigZag Backstep to avoid false pivot points.
InpDrawClosed
Show levels that have already been broken.
InpDrawZigZag
Display the ZigZag line on the chart.
InpDrawLabels
Display text labels for each level.
How to Use:
A simple step-by-step guide:
- Attach the indicator to a chart of your chosen symbol and timeframe.
- Adjust ZigZag parameters (Depth, Deviation, Backstep) to suit your analysis style.
- Choose whether to display closed levels, ZigZag line, and labels.
- The indicator will display support and resistance levels and highlight clusters of pivots.
- Observe the chart for areas where multiple levels converge to identify potential zones of interest.
Understanding Support and Resistance Levels:
- Support levels are drawn from low pivots; resistance levels are drawn from high pivots.
- Open levels extend to the current bar, while closed levels have been broken.
- Labels indicate the type of level (S for Support, R for Resistance) and the chart timeframe.
Screenshots:
Conclusion:
ZigZag SNR Detection provides a structured view of support and resistance levels. It helps analyze price behavior while maintaining a visual presentation of market structure.