High Low Zigzag Indicator for MT4

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High Low Zigzag Indicator for MT4

Introduction to the High Low Zigzag Indicator

The High Low Zigzag is one of the most versatile technical indicators. It can be used to aid in trading strategies which require traders to identify the swing highs and swing lows of the market, such as supply and demand, market flow, and other strategies used by seasoned traders.

What is the High Low Zigzag Indicator?

The High Low Zigzag Indicator is a momentum or trend following technical indicator which identifies the swing highs and swing lows of price action. It connects these swing points with a line tracing the movements of price action. This line also characteristically forms a zigzag like pattern, thus the name High Low Zigzag Indicator.

High Low Zigzag Indicator for MT4

How the High Low Zigzag Indicator Works?

The High Low Zigzag Indicator uses an algorithm which detects the swing highs and swing lows of price action by detecting price movements which move against the prior price move by a distance which is greater than a preset threshold percentage. Most Zigzag Indicators use a threshold of 5%.

The indicator then connects the identified swing highs to the next swing low, then the swing lows to then next swing high, forming a zigzag like pattern on the price chart.

How to use the High Low Zigzag Indicator for MT4

The High Low Zigzag Indicator has a couple of variable fields within its indicator settings which traders can use to adjust the sensitivity of the indicator.

The “barn” field allows users to modify the number of bars in which the indicator would detect the swing high and swing low points.

“Length” modifies the threshold in which the indicator would detect a swing high or swing low point. The lower the input, the more the swing points detected.

How the High Low Zigzag Indicator Works

There are several ways to use this indicator.

It can be used to identify supply and demand zones or horizontal support and resistance levels which can be incorporated in a supply and demand strategy or a market flow type of strategy.

It can also be used to identify trading patterns such as double and triple tops and bottoms.

In the example below, we will use this indicator as a measure for plotting Fibonacci Retracement Rulers to trade trend continuations.

Buy Trade Setup

When to Enter?

Identify an uptrend market with rising price swings. Plot the Fibonacci Retracement Ruler from the latest swing low to the latest swing high. Open a buy order as soon as a bullish reversal candlestick pattern forms on a major Fibonacci level. Set the stop loss below the next Fibonacci level.

When to Exit?

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

How to use the High Low Zigzag Indicator for MT4 - Buy Trade

Sell Trade Setup

When to Enter?

Identify a downtrend market with falling price swings. Plot the Fibonacci Retracement Ruler from the latest swing high to the latest swing low. Open a sell order as soon as a bearish reversal candlestick pattern forms on a major Fibonacci level. Set the stop loss above the next Fibonacci level.

When to Exit?

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

How to use the High Low Zigzag Indicator for MT4 - Sell Trade

Conclusion

The High Low Zigzag Indicator is an excellent tool which new traders can use to practice trading strategies that require identifying swing highs and swing lows properly. However, it should not become a crutch to aspiring traders. Instead, new traders should use it to develop the skill of properly identifying the swing highs and swing lows even with a naked chart.

MT4 Indicators – Download Instructions

High Low Zigzag Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.

High Low Zigzag Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.

Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT4 Strategies

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How to install High Low Zigzag Indicator for MT4.mq4?

  • Download High Low Zigzag Indicator for MT4.mq4
  • Copy High Low Zigzag Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
  • Start or restart your Metatrader 4 Client
  • Select Chart and Timeframe where you want to test your MT4 indicators
  • Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
  • Right click on High Low Zigzag Indicator for MT4.mq4
  • Attach to a chart
  • Modify settings or press ok
  • Indicator High Low Zigzag Indicator for MT4.mq4 is available on your Chart

How to remove High Low Zigzag Indicator for MT4.mq4 from your Metatrader Chart?

  • Select the Chart where is the Indicator running in your Metatrader 4 Client
  • Right click into the Chart
  • “Indicators list”
  • Select the Indicator and delete

High Low Zigzag Indicator for MT4 (Free Download)

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