The Zig Zag Support & Resistance Forex MT4 indicator has been developed to show you the best levels of support and resistance on the chart.
The indicator can be used for stop loss placement and to trade powerful support & resistance breakouts.
Often, traders combine the Zig Zag indicator with price action and technical indicators for accurate trade entry and exit.
Just load the Zig Zag Support & Resistance indicator onto the Metatrader 4 chart and start trading with it in minutes.
Key Takeaways
- Shows important support levels.
- Shows important resistance levels.
- Combine with price action and/or technical indicators.
- Works for any trade style and MT4 instrument.
Feel free to explore the Zig Zag Support & Resistance Forex MT4 indicator’s different parameters and settings to create your own personalized indicator setup.
Download This MT4 Forex Indicator Free
Download the “dt-zz-indicator.ex4” Metatrader 4 indicator
Indicator Example Chart (GBP/USD H1 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The Zig Zag Support & Resistance Forex MT4 Indicator
Buy Signal: Open a buy trade when price closes above the Zig Zag resistance level. Confirm the buy trade with price action or technical indicators.
Set your stop loss below the previous swing low point or nearest consolidation, or use your own favorite stop loss method.
Close the buy trade for a reward/risk ratio of 1.5 or better, or use your own favorite take profit method.
Alternatively, close the Zig Zag based buy trade for a fixed profit target of your choice, for example, 40 pips on the 15-minute chart.
Sell Signal: Open a sell trade when price closes below the Zig Zag support level. Confirm the sell trade with price action or technical indicators.
Set your stop loss above the previous swing high point or nearest consolidation, or use your own favorite stop loss method.
Close the sell trade for a reward/risk ratio of 1.5 or better, or use your own favorite take profit method.
Alternatively, close the Zig Zag based sell trade for a fixed profit target of your choice, for example, 20 pips on the 1-minute scalper chart.
Download This Forex Indicator Now
Download the “dt-zz-indicator.ex4” MT4 indicator
Adjustable Parameters
Depth, calculate level, colors, width, style.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: support/resistance
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.
