Our custom developed Forex ZigZag Elder Indicator. The zigzag indicator is a basic tool that analysts use to find out when a security’s trend is reversing. By determining the support and resistance areas, it helps to identify significant changes in price while filtering out short-term fluctuations, thus eliminating the noise of everyday market conditions. It is an excellent tool for any trader who follows indicators that use swing highs and swing lows.
The ZigZag Indicator
To use the zigzag indicator, a percentage of price movements must be set. Although the default value for a zig zag is 5%, a setting of 9% would ensure that only price fluctuations of 9% or more would be shown in the chart. This eliminates smaller price swings and allows the analyst to see the bigger picture. Normally, closing prices of securities are used, and imaginary points are placed on the given chart where the price reverses by the set percentages. These points are then connected by straight lines and the required information appears.
Feel free to use this indicator together with our other technical indicators (oscillators, momentum) or price action methods to maximize your trading accuracy.
The EUR/GBP 15 minute chart below displays the Forex ZigZag Elder Indicator in action.
Copy and paste the Forex ZigZag Elder Indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove Indicator 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