3 Level ZZ Semafor Indicator looks for high and low prices in the trend and then marks them with 1 (short-term), 2 (medium-term) or 3 (long-term). Number 3 is the most important Semafor level to keep an eye on.
tag: 3 Level ZZ Semafor
Platform: Metatrader 4
Download link: At the end of the post.
The 3 Level ZZ Semafor forex indicator for Metatrader 4 is a sort of zigzag indicator.
It looks for high and low prices in the trend and then marks them with 1 (short-term), 2 (medium-term) or 3 (long-term).
Number 3 is the most important Semafor level to keep an eye on.
This indicator can’t be used as a standalone. Instead, use it together with a trend following indicator such as an exponential moving average with period set at 75 or 100.
Trade in the direction of the underlying trend.
The default ZZ Semafor period settings (5, 13, 34) can be changed from the indicator’s inputs tab.
Feel free to experiment with its settings.
Basic Trading Signals
Signals from the 3 Level ZZ Semafor MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when the underlying trend is up and the 3 Level ZZ Semafor indicator paints number 3 below the candlestick (support).
Sell Signal: Open sell trade position when the underlying trend is down and the 3 Level ZZ Semafor indicator paints number 3 above the candlestick (resistance).
Trade Exit: Use your own method of trade exit.
Input set up
Download 3 Level ZZ Semafor Indicator for free
How To Install Custom MT4 Indicators On Mt4 (6 Simple Steps)
Step 1: Download The Indicator To Your Computer
Step 2: Go To Your Mt4 Trading Platform And Click “Open Data Folder”
Step 3: Click open the “MQL4” folder
Step 4: Click Open the “Indicators” Folder
Step 5: Paste The Custom MT4 Indicator Into The “Indicators” Folder
Step 6: Close Your MT4 Trading Platform And Then Restart It
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