What is Zigzag Fibo Indicator?
Zigzag Fibo for MT5 combines ZigZag swing detection with Fibonacci retracement lines. Dynamic levels follow the current ZigZag leg, while static levels remain visible as a reference after a new wave is formed.
ExtDepth, ExtDeviation, ExtBackstep, and separate DynamicFibo and StaticFibo display settings control the swing and line presentation. Colors, styles, widths, and ray options are also available.
How to Use It in Practice
Use the indicator to compare recent swing structure with Fibonacci references:
- Add the indicator and review the current ZigZag leg with the displayed Fibonacci levels.
- Adjust ExtDepth, ExtDeviation, and ExtBackstep to change the swing structure shown.
- Toggle the dynamic and static Fibonacci displays in the existing Inputs.
- Use the available color, style, width, and ray settings to separate the two references.
ZigZag swings and Fibonacci levels appear in one display, dynamic and static references can be separated, and the swing sensitivity and line styling are configurable.
MT5 Indicator Parameters
The screenshot above shows the default input parameters in the MT5 settings window.
| Parameter | Description |
|---|---|
| ExtDepth | Controls how far back the ZigZag algorithm looks for significant highs and lows. Higher values filter out smaller swings. |
| ExtDeviation | Defines the minimum price deviation (in points) required to form a new swing. Helps avoid false signals in small price movements. |
| ExtBackstep | Specifies the minimum number of bars between consecutive ZigZag points. Prevents clustering of ZigZag turns. |
| DynamicFibo display flag | Enables or disables the display of the dynamic Fibonacci retracement levels. |
| DynamicFibo color | Sets the line color for the dynamic Fibonacci levels. |
| DynamicFibo style | Defines the line style (e.g., dashed, dotted) for the dynamic Fibonacci levels. |
| DynamicFibo line width | Sets the line thickness for dynamic Fibonacci levels. |
| DynamicFibo ray | Specifies whether dynamic Fibonacci lines extend indefinitely (ray) or stop at a fixed point. |
| StaticFibo display flag | Enables or disables the display of the static Fibonacci retracement levels. |
| StaticFibo color | Sets the line color for static Fibonacci levels. |
| StaticFibo style | Defines the line style for static Fibonacci levels. |
| StaticFibo line width | Sets the line thickness for static Fibonacci levels. |
| StaticFibo ray | Specifies whether static Fibonacci lines extend indefinitely or not. |
