The ZZ Semafor Forex indicator for the MT4 platform finds the best possible support and resistance levels on the activity chart.
It displays local high (resistance) and low prices (support).
The ZZ Semafor Forex MT4 indicator can be used to trade both price breakouts and trend reversals on any currency pair.
After adding the indicator on the MT4 chart, you will notice big bullets that will mark the local high and low prices.
It’s best to confirm breakout and trend reversal trades from the ZZ Semafor indicator with additional technical indicators or price action patterns.
Key Points
- Displays resistance levels on the chart.
- Displays support levels on the chart.
- Utilize to trade powerful range breakouts.
- Utilize to trade trend reversals.
- Can be used on any time frame, from M1 up to the weekly.
- Deploy for scalping, day trading and swing trading purposes.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
Free Download
Download the “ZZ_SEMAFOR_02.ex4″ indicator
Example Chart
The EUR/USD 1-hour chart below displays the ZZ Semafor Forex indicator in action.
Basic Trading Signals
Signals from the ZZ Semafor MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade as soon as price closes above the ZZ Semafor indicator’s resistance.
Confirm the breakout buy trade with other technical indicators or with price action.
Place stop loss 2-3 pips below short-term support or use your own preferred stop loss strategy.
Take profit for a risk to reward ratio of 1.5 or better, or use your own take profit method.
Sell Signal: Open a sell trade as soon as price closes below the ZZ Semafor indicator’s support.
Confirm the breakout sell trade with other technical indicators or with price action.
Place stop loss 2-3 pips above short-term resistance or use your own preferred stop loss strategy.
Take profit for a risk to reward ratio of 1.5 or better, or use your own take profit method.
Download
Download the “ZZ_SEMAFOR_02.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Sound alert) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: Breakout & Reversal
Installation
Copy and paste the ZZ_SEMAFOR_02.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)