Which can be the most accurate zigzag indicator for MT5?

<p id="isPasted">I'm on the search for the most accurate zigzag indicator. So far the best I've been able to find is the "professional zigzag" indicator written by Aleksandr Chugunov. This was originally developed for MT5, but I back-ported and compiled it for MT4 (attached). I would appreciate if anyone has any other suggestions.</p><p>Attached File(s)</p><p>&nbsp;<a href="https://www.forexfactory.com/attachment/file/2548092?d=1509910145" target="_blank" rel="noopener noreferrer">ProfessionalZigZag.ex4&nbsp;</a>&nbsp; 26 KB</p><p>&nbsp;<a href="https://www.forexfactory.com/attachment/file/2548095?d=1509910160" target="_blank" rel="noopener noreferrer">alexstal_outsidebar.mqh</a>&nbsp; &nbsp;12 KB</p><p>&nbsp;<a href="https://www.forexfactory.com/attachment/file/2548098?d=1509910160" target="_blank" rel="noopener noreferrer">ProfessionalZigZag.mq4 &nbsp;</a> 35 KB</p><p><br></p>

<p id="isPasted">In technical analysis, "accuracy" for a ZigZag indicator refers to its ability to identify significant structural swings without overcomplicating the chart with minor noise. For MetaTrader 5 (MT5), several advanced versions are recognized for their precision beyond the standard built-in version.&nbsp;</p><p><strong>Highly Rated ZigZag Indicators for MT5</strong></p><ul><li>Swing ZigZag Indicator (TFlab): Frequently cited for its clarity, this version uses color-coding (blue for highs, brown for lows) to better visualize trend structures. It is particularly effective at identifying support and resistance zones based on these colored pivot points.</li><li>ZigZag with Labels (TFlab): This tool is highly accurate for market structure analysis as it distinguishes between major pivots (MHH, MLL) and minor pivots (m). Differentiating these internal movements helps traders avoid mistaking a minor retracement for a full trend reversal.</li><li>KT ZigZag Trend Metrics: Available on the MQL5 Market, this indicator is designed to provide an "x-ray view" of price action. It displays specific data for each swing, including the percentage move and the number of bars it took to form, which increases precision for price action and harmonic traders.</li><li>ZigZag Channel WS: This version connects detected peaks and troughs to form dynamic directional channels. It is useful for forecasting potential trade opportunities by identifying when price bounces off the upper or lower boundaries of these adaptive channels. </li></ul><p><strong>Factors for Improving Accuracy</strong></p><p>The accuracy of any ZigZag indicator depends heavily on its settings, which must be tuned to specific market conditions:&nbsp;</p><ul><li>Deviation (Standard 5%): Setting a higher value (e.g., 9%) often results in a "cleaner" chart that focuses on the big picture, whereas lower values increase sensitivity for shorter-term moves.</li><li>Asset Type: For stocks, a 5–20% threshold is generally more accurate, while highly volatile assets like crypto may require even higher settings to filter out noise.</li><li>The Repainting Reality: All standard ZigZag algorithms repaint. This means the current leg is only "accurate" once the price reverses by your set threshold. For educational or backtesting purposes, "non-repainting" versions (like Fractal ZigZag) can be used to study historical behavior without signals disappearing.&nbsp;</li><li>Verdict: For active trading and market structure analysis on MT5, the Swing ZigZag or ZigZag with Labels by TFlab are among the most accurate due to their ability to distinguish between significant and minor price swings. </li></ul>