ZigZag on Parabolic + Fibo + Channel - this is a ZigZag indicator, built not on the deviation of the price from the last extremum, as in the usual similar filter, but on the readings of Parabolic SAR and its intersection with the price chart. As a result, the indicator for MT5 has a shorter delay in determining a new pivot point. Besides, Fibonacci levels were very conveniently built into the filter, which are based on three consecutive ZigZag peaks, as well as a channel built on the same points.
As a result, this ZigZag on Parabolic for MT5 According to ForTrader magazine, it becomes a very good indicator-strategy that can be successfully used in medium-term trading. However, as always, it requires work to configure the parameters for each currency pair and timeframe.
Download ZigZag on Parabolic + Fibo + Channel indicator (\MQL5\Indicators\)