The difference from the standard ZigZag indicator is the following: instead of calculating new extremum points based on the number of bars, it uses the distance between the high and the low to calculate the extremum points. In addition, this distance is calculated dynamically on default and depends on price fluctuations for a selected period and the multiplier. The distance can be set as a fixed number.

In addition, it displays the reversal line, reaching which the previous extreme point is fixed and the zigzag changes the direction (blue line on the first screenshot). Like with all ZigZags, the last (i.e. the current extremum point) is not fixed and is not therefore drawn as a point (in case display of extremum points is enabled, which is on by default). Also adjacent extremum points are connected by a line, calculating the change relative to the three neighboring points in percent and the difference between them in bars. The length of the main zigzag line is displayed in points and bars. Any information can be disabled (all details are enabled by default).

Indicator Input Parameters:

• Fixed pips range - fixed number of points, distance between two opposite points (ZZ extremum points) if you do not use dynamic calculation
• UseDynamicRange=TRUE - enable/disable dynamic calculation
• Dynamic volatility period - period of currency course for dynamic calculation
• Dynamic volatility koefficient - multiplier of currency course for dynamic calculation
• Draw ZigZag lines - display/not to display the main lines (connection of opposite extremum points from lower to upper or from upper to lower)
• Draw ZigZag descriptions - display/not to display description of the main lines
• Show description points - show/hide points in description of the main lines
• Show description bars - show/hide number of bars in description of the main lines
• Main description font size
• Main description color
• Draw ZigZag relations - display/not to display additional lines (connection of extremum points from upper to upper and from lower to lower)
• Show relations description - show/hide description of additional lines
• Show relations percent - show/hide percentage in description of additional lines
• Show relations points - show/hide points in description of additional lines
• Show relations bars - show/hide number of bars in description of additional lines
• Price deviation for % - price deviation for calculating percentage between extremum points
• Rel.lines description font size - additional information font size
• Rel.lines description color - additional information font color
• Draw ZigZag extremum points - display/not to display extremum points (circles by default)
• Arrow code for ZigZag extremum points - arrow code to display extremum points (see the code of the Windings symbol)
• Draw ZigZag revers line - display/not to display reverse lines
• Up revers line color - upward reverse line color
• Dn revers line color - downward reverse line color
• Up&down shift for description text
• Enable alert message on ZigZag extremum fixing - display/not to display a message about fixing an extremum point and change of direction
• Enable Notification on ZigZag extremum fixing - send/not to send a notification about fixing an extremum point and change of direction
• Enable Sound on ZigZag extremum fixing - play/not to play a sound when fixing an extremum point and changing a direction
• alertsSoundFileNameZZ - alert sound file name

МetaТrader 5 version: https://www.mql5.com/en/market/product/5357