I have been analyzing the use of the Zig Zag indicator and have found a strategy that shows to be very consistent and profitable in manual analysis. It uses the following strategy:
- Use last low and high zig/zag as support and resistance indicators. If price goes above last high, buy, if it goes below last low, then sell.
-Set dynamic stoploss using Average True Range indicator, also available with MT4. Make it possible to use a % of the ATR for a defined number of trailing days.
In the manual analysis a 15 minute chart was with various % of ATR(21) worked well.
If this is something you would consider I think it would be a good addition to Zig Zag. Thank you for your consideration.