HomeForex MT4 IndicatorsDouble Zigzag – No Repaint Indicator for MT4

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.

Double Zigzag – No Repaint Indicator for MT4

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.

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

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.

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

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 Broker

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

Recommended broker

>> Claim Your $50 Bonus Here <<

(Free MT4 Indicators Download)

Click here below to download:

Double Zigzag – No Repaint Indicator for MT4

Tim Morris
Tim Morrishttps://www.forexmt4indicators.com/
Tim Morris is a work from home dad, home-based forex trader, writer and blogger by passion. He likes to research and share the latest forex trading strategies and forex indicators on ForexMT4Indicators.com. His passion is to let everyone to be able to learn and download different types of forex trading strategies and mt4/mt5 indicators at ForexMT4Indicators.com
RELATED ARTICLES

2 COMMENTS

  1. Hi Migsi, once you clicked on the download link, it will auto download to your Download Folder setting. Please check again. It’s working fine 🙂

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular MT4 Indicators

Most Popular MT5 Indicators

REVEALED: "How To “Hack" A Popular Forex Indicator And Squeeze Every Last Pip Out Of The Market …Now!”