The ZigZag MT4 forex indicator connects bottoms and tops directly on the activity chart.
This is a great indicator if you’re into detecting chart patterns.
With ZigZag, you can see directly on the chart higher tops, higher bottoms or lower tops and lower bottoms.
So you know the trend is either up trending or down trending and you can anticipate the next possible move.
Use this indicator in conjunction with an oscillator type indicator.
For example Tipu MACD or Stochastic Oscillator would fit.
In an uptrend indicated by ZigZag, one would look for oversold oscillator signals and buy oversold oscillator signals.
On the contrary, in an downtrend, one would look for overbought oscillator signals and sell overbought oscillator signals.
Free Download
Download the “ZigZag.mq4” MT4 indicator
Indicator Chart (CHF/JPY H4)
The CHF/JPY H4 chart below displays the ZigZag forex indicator in action.
Basic Trading Signals
See the description above on how to trade efficiently with the ZigZag indicator.
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Download the “ZigZag.mq4” MT4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (Depth, Deviation, Backstep) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Oscillator
