those ZigZag_FT index is a simple mix of two great indicators.
the very first one is a zigzag using a configurable wave elevation (found at Code Base). The next is Bill Williams ‘ fractals.
These indicators match each other. Zigzag permits you to track the Elliott waves, and Fractals show the structure of all the waves.
The height of the zigzags can (and should) be adjusted depending on the timeframe where the indicator is installed.
The empirically chosen values of the “minimal points in a beam” parameter for different timeframes are as follows:
If you don’t like it, then experiment with other values, but the main thing is to get zigzag waves on the graph that correspond to Elliott cycles. So you can see them. And the fractals will show the structure of each wave (you can count the subwaves of which it consists).
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