If you are looking for the best swing trading indicator mt4 that picks up most swing high and swing low point where you can use to swing trade then this zigzig indicator mt4 should definitely satisfy.
In case you may be interested: Check out my free forex trading signals and trade setups based on price action. (Click that link)
What About The Default Zigzag Indicator In Mt4?
You can also use the default zigzag indicator in mt4 as it pretty much does the same thing or you can also use this one attached here.
But if you place this two zigzag indicators side by side on a same chart, you will notice some subtle differences like this main one here:
- some swing lows/swing high missed by one zigzag indicator will be captured by the other.
Does This Swing Zigzag Indicator Repaint?
Short answer: yes.
It only repaints if a swing high/swing low point has not been completed yet. Once completed, it can’t repaint as now a new swing high/swing low is next to be formed and that’s the only thing that makes it repaint (when a new swing high or swing low is not yet established, the zigzag indicator will repaint).
The chart below explains this clearly:
How To Trade Using This ZigZag Indicator MT4
- You can use the zigzag high and lows to draw trendlines, price channels.
- you can use the zigzag highs and lows to place your stop loss behind them
- you can use the zigzag indicators high and low for your trailing stop your trades.
- the zigzag indicators high and low can be used to identify major support and resistance levels.
- the zigzag indicators high and low can be used to place your take profit targets.
Here are a few chart examples of what I’m talking about:
- the chart below show how easy it is to draw trendlines with this zigzag indicator. If you use the trendline trading strategy, this zigzag indicator comes in very handy.
Here’s another one:
The chart below shows how you can use the low of the zigzag indicator to place your trailing stop in a buy trade and ride out the trend for maximum profit extraction.
Do the opposite for a sell trade (use the high of the zigzag indicator).
Forex Trading Strategies To Use With Zigzag Indicator
You can use the following forex trading strategies with this mt4 zigzag indicator:
- forex trendline trading strategy
- support and resistance forex trading strategy
- horizontal price channel forex trading strategy
- diagonal price channel forex trading strategy
- trendline breakout forex trading strategy
- trendline retest forex trading strategy
- head and shoulders chart pattern forex trading strategy
- support turned resistance forex trading strategy
- resistance turned support forex trading strategy
- demark forex trading strategy
- ross hook pattern forex trading strategy
- double top chart pattern forex trading strategy
- double bottom chart pattern forex trading strategy
- inverse head and shoulders chart pattern forex trading strategy
- ascending triangle chart pattern forex trading strategy
- descending triangle chart pattern forex trading strategy
- 123 chart pattern forex trading strategy
- bullish pennant chart pattern forex trading strategy
- bearish pennant chart pattern forex trading strategy
- pattern trader forex trading system
Swing Zigzag Indicator MT4 Download Link
Ok, finally, here’s the download link:Swing_ZZ