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    Thread: How to Use the Zig Zag Indicator?

    1. #1
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      Default How to Use the Zig Zag Indicator?

      The zig zag indicator helps identify price trends? How would you use it?


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      Zig zag indicator is one of the best indicators that we can use it in determining the tops and the bottoms and to use it we have to open metatrader 4 then we can press on ( Insert - indicators - custom - zig zag ) as the following photo :



      After the pressing on zig zag indicator as the above photo we will see it on the chart as the following :



      In the above photo we can see all the tops and the bottoms that zig zag indicator can define it easily to us and from it we can use it in making sell or buy trades and also we can use it in making resistance lines and support lines also we can determine the enter points and the exit points to all our orders .


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      The main purpose of zigzag indicator is to find out the trend reversal point. Many traders also use zigzag indicator to draw major support and resistance level. You can get best results from zigzag indicator with the combination of Fibonacci and Elliott Wave. This is one of the best tool for swing trader. The default parameters of zigzag indicator is best. Higher parameter make noise in the chart.

      I use this indicator with moving average. If zizag and moving average both make a strong support or resistance levels that means this is strong reversal point.

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      How to Use the Zig Zag Indicator?
      Zigzag indicator is the most popular indicator. When i was a newbie in Forex trading i traded in Forex on the basis of the zigzag indicator. I thought it was really good and beneficial. But after someday i realized that it's actually nothing. I don't have any faith on indicators. I saw many trader who only trades in Forex market on the basis of indicators. This should be avoided. Indicators are the combination of different arrows that shows which way the market is moving. It will never indicate which way market will move. Remember one things that indicators are following the market, market is never follow the indicators. A high impact news could destroy your every kinds of indicator based analysis. Trader should be careful about it.

      Now, Zigzag indicator works good with lower time frame. It's good for scalping strategy. If you are a scalper then you can use it. Please open the attached file to find out how to insert zigzag indicator in your trading platform. Top and bottom points of the zigzag are the key points. If you could use it regularly then you can easily catch the top and bottom point of the charts. You should analyze the chart with M15 or M30 time frame. For long term strategy i don't suggest you to use this indicator.
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      Slope is one of the strongest indicators in the world of Forex, which provides you with strong entry and exit signals based on fractional patterns.

      A high-pattern break is a candle whose height is higher than the height of the adjacent candlesticks, while a low-pattern break is a candle that is lower than the adjacent candlesticks.

      The idea of ​​a fractional candle, for example, is the higher candle surrounded by low candlesticks. The price trend is likely to be in a decline. Conversely, if the fractional candle is lower than the neighboring candlesticks, the price stability is likely to start and rise.

      How does zig zag work?

      The shift points in the market direction can be determined by the zig zag index, initially by identifying all the fractional heights from oldest to newest.

      The index then ignores the previous values ​​of the turning points after new values ​​appear. For example, if a value is higher than the previously read value, it will be taken as a major turning point, thus ensuring that there is no repetition of the shift points that may result from the sideways price movements.

      The indicator ignores all high values ​​that follow the shift point (high-pattern break) and is not higher than that. On the other hand, it will ignore all low and post-shift (low-pattern break) values ​​that fail to fall below the previous turning point In this case we ensure strong trends only away from the weak trends which have not been able to cross previous highs and lows.


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      look for the lowest area if price is dominated by seller so we can execute buy, then look for the highest area if price is dominated by buyer so we can execute sell. to use the zig zag indicator to be used for our daily trading that is
      1. First step, make 2 zigzag indicator with setting "depth" to 12 and 24. If the data collection want more complete plus depth 120 to convince strategy and wider perspective whether price is dominated seller or buyer.
      2. The second step, always check the time frame from start Monthly, Weekly, Daily, H4, and H1, so that we will slowly more and more information convincing will the power of seller or buyer.
      3. The third step, be patient to pay attention to the price before the execution.
      4. The last step, for friends who just entered the world of forex, to speed up the habituation of a quiet analysis, to always practice a demo account first or practice with a cent account in order to maintain your mental condition or psychology to be focused with the analysis.


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