Double Zigzag – No Repaint Indicator for MT4

Introduction to the Double Zigzag – No Repaint Indicator

Price action is often one of the most reliable indication of trend direction. This is based on a rising or falling pivot high or pivot low pattern.

Although price action is a very reliable technique for trading, not all traders are confident enough to objectively identify such pivot highs and pivot lows. The Double Zigzag – No Repaint indicator is a tool that can help traders objectively identify such pivot highs and pivot lows for the purpose of identifying price action characteristics.

What is the Double Zigzag – No Repaint Indicator?

The Double Zigzag – No Repaint indicator is a custom technical indicator which is based on the Zigzag indicator. It has been modified to plot dots instead of zigzag lines to indicate pivot highs and pivot lows. It is also characteristically more sensitive in identifying pivot highs and pivot lows causing it to paint more dots compared to the pivot highs and pivot lows available on traditional Zigzag indicators.

How the Double Zigzag – No Repaint Indicator Works?

The Double Zigzag – No Repaint indicator uses two underlying Zigzag indicators. One is a faster moving Zigzag indicator, while the other is slower. This duplication of Zigzag indications causes it to be more sensitive in detecting pivot highs and pivot lows compared to most Zigzag indicators.

Based on the faster Zigzag indicator, it plots dark orange dots to indicate pivot lows, and blue dots to indicate pivot highs. However, the slower Zigzag indicator plots dark orange dots regardless of whether it is detecting a pivot high or pivot low.

How to use the Double Zigzag – No Repaint Indicator for MT4

The Double Zigzag – No Repaint indicator has three settings which can be tweaked.

“Calculate On Bar Close” causes the indicator to run its algorithm only at the close of a bar. This function makes the indicator plot dots only at the close of a bar, making it a non-repainting indicator.

“Zigzag Fast” refers to the depth of the pivot highs or pivot lows used for the faster Zigzag indicator, “Zigzag Slow” is for the slow moving Zigzag indicator.

This indicator can be used to determine trend direction based on price action. Pivot high dots and pivot low dots that are consistently rising indicate an uptrend market, while pivot high dots and pivot low dots that are consistently falling indicate a downtrend market.

The pivot high and pivot low dots can also be used as a short-term momentum reversal signal and can be used as an entry trigger in confluence with other technical indications.

Buy Trade Setup

When to Enter?

Identify an uptrend market based on consistently rising pivot high and pivot low dots. Open a buy order on a confluence of a bullish price action and a pivot low dot. Set the stop loss below the pattern.

When to Exit?

Close the trade as soon as price action shows signs of a reversal.

Sell Trade Setup

When to Enter?

Identify a downtrend market based on consistently dropping pivot high and pivot low dots. Open a sell order on a confluence of a bearish price action and a pivot high dot. Set the stop loss above the pattern.

When to Exit?

Close the trade as soon as price action shows signs of a reversal.

Conclusion

The Zigzag Indicator is a reliable tool for identifying trends based on price action. The Double Zigzag – No Repaint indicator takes it a notch higher by using two Zigzag indicators and identifying pivot points that do not repaint.

Recommended MT4/MT5 Brokers

XM Broker

• Free $50 To Start Trading Instantly! (Withdraw-able Profit)
• Deposit Bonus up to $5,000
• Unlimited Loyalty Program
• Award Winning Forex Broker
• Additional Exclusive Bonuses Throughout The Year

>> Sign Up for XM Broker Account here <<

FBS Broker

• Trade 100 Bonus: Free $100 to kickstart your trading journey!
• 100% Deposit Bonus: Double your deposit up to $10,000 and trade with enhanced capital.
• Leverage up to 1:3000: Maximizing potential profits with one of the highest leverage options available.
• ‘Best Customer Service Broker Asia’ Award: Recognized excellence in customer support and service.
• Seasonal Promotions: Enjoy a variety of exclusive bonuses and promotional offers all year round.

>> Sign Up for FBS Broker Account here <<

(Free MT4 Indicators Download)

Click here below to download:

Double Zigzag – No Repaint Indicator for MT4