If you are looking for the best forex swing trading indicator, mt4, that picks up most swing high and swing low points that you can use to swing trade, then this zigzag indicator mt4 should satisfy.
In case you may be interested: visit my free forex trading signals and trade analysis based on price action. (Click that link)
What About The Default Forex Zigzag Indicator In Mt4?
You can also use the default forex zigzag indicator in mt4 as it pretty much does the same old thing, or you can also use this one attached here.
But if you place these two zigzag indicators side by side on the same chart, you will notice some small, subtle differences like this main one here:
- Some chart swing lows/swing highs missed by one forex zigzag indicator mt4 will be captured by the other.
Does This Forex Swing Zigzag Indicator Repaint?
Short answer: yes.
It only repaints if a chart swing high/swing low point has not been completed yet. Once it is completed, it can’t repaint as now a new chart swing high/swing low is next to be made, and that’s the only thing that makes it repaint (when a new chart swing high or swing low is not yet established, the zigzag forex indicator will repaint).
The mt4 chart below explains this clearly:
How To Trade Using This Forex ZigZag Indicator MT4
- You can use the forex zigzag high and lows to draw trendlines and price channels.
- You can use the forex zigzag highs and lows to place your stop loss behind them
- you can use the zigzag forex indicators high and low for your trailing stop your trades.
- To identify major support and resistance levels, the zigzag forex indicators are high and low.
- Use the high and low zigzag indicators to place your take profit(TP) targets.
Here are a few chart examples of what we are talking about:
- The chart below shows how easy it is to draw chart trendlines with this zigzag indicator. If you use the chart trendline trading strategy, this zigzag indicator comes in handy.
Here’s another one:
The mt4 chart below shows how you can use the low of the zigzag indicator to place your trailing stop in a buy market trade and ride out the trend for maximum profit extraction.
Do the opposite for a sell entry trade (use the high of the zigzag indicator).
Other Forex Trading Strategies To Use With MT4 Zigzag Indicator
You can use the below forex trading strategies with this mt4 zigzag indicator(Use website Search Option):
- forex trendline trading strategy
- simple support and resistance forex trading strategy
- horizontal price channel forex trading strategy
- diagonal price channel forex trading strategy
- trendline retest forex trading strategy
- trendline breakout forex trading strategy
- head and shoulders mt4 chart pattern forex trading strategy
- support turned resistance forex trading strategy
- demark forex trading strategy
- resistance turned support forex trading strategy
- ross hook pattern forex trading strategy
- double bottom chart pattern forex trading strategy
- double top chart pattern forex trading strategy
- ascending triangle chart pattern forex trading strategy
- inverse head and shoulders mt4 chart pattern forex trading strategy
- 123 chart pattern forex trading strategy
- descending triangle chart pattern forex trading strategy
- bullish pennant chart pattern forex trading strategy
- bearish pennant chart pattern forex trading strategy
- pattern trader forex trading system
First !!! Thank you for free indicator i use this indicator in the past it can help a bit but you need anther indicators with it too 🙂
[…] The stop loss level will be the last swing high. […]