The ZigZag For Line Chart indicator for Metatrader 5 is a zigzag trading pattern indicator specially designed for line charts.
The indicator displays the trading pattern on the line chart and works on closing prices.
In essence, this technical tool reveals interesting points of support and resistance based on the ZigZag trading pattern.
It can be used to trade price breakouts in both up-and down trending markets (see a trading example more down below).
The following indicator inputs can be adjusted to suit your personal preferences: depth, style, and colors.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames, Forex pairs, and any other trade instrument.
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Chart Example
The following chart shows how the ZigZag For Line Chart Forex indicator looks when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The ZigZag For Line Chart Forex Indicator?
Find a simple trading example below:
Buy Signal
- In an uptrend, wait for the candle to close above the previous ZigZag high price (blue line).
- Open a buy order and set the initial stop loss below the violet colored ZigZag line.
- Exit the buy trade for a reward/risk ratio of at least 1.5, or wait for a sell signal.
Sell Signal
- In a downtrend, wait for the candle to close below the previous ZigZag low price (violet line).
- Open a sell order and set the initial stop loss above the blue colored ZigZag line.
- Exit the sell trade for a reward/risk ratio of at least 1.5, or wait for a buy signal.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the ZZ_Close.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration