I was wondering if there's an efficient and easy way to determine waves in MQL4, just like zigzag indicator does it.
I was asked to help automate indicator, for that I need to determine 'waves', essentially max and min of a graph over some period of time (which is vague and all relative).
I don't have a clear image of how I want an indicator to work, but it would be something like that:
Find the last wave, i.e. where the direction of price last changed (neglecting the noise), and then for example reflect it with a trend line.
Is it possible to use zigzag structure to find that point, where direction changed. (Possibly not the only one, might need to find more that just the last point, but the preceding one. So i will want to adopt the algorithm)
I know it's a while since you asked this question and you probably already have an answer, but if not...
I dislike Zigzag and have not found a way to do what I want to do with it, so I will the last part of your questions with no, and believe me I tried.
The way I prefer it is to find bars that conform to the classic definition of fractals/swing points (i.e. a high with two lower highs on either side, or a low with two higher lows on either side), then try to make up for the shortcomings. E.g. Often there will be two high fractals/swings/waves in a row without an intermediate low fractal/swing/wave. So I add the best intermediate low point as a wave, or remove one of the highs (E.g. if the first one wasn't as subjectively significant). Some of the swing points that are identified are 'noisy', to use your term, and not ones that a human trader would have picked. So these need to be dealt with and so on. If you go down this route it is a long one, computers make many mistakes identifying appropriate swing points, so unfortunately not what I would call easy, but it is accurate, and how many easy indicators are there that actually make money over the long run?