Zig Zag Arrow MT4 is a trend reversal detector. It helps identify swing highs and swing lows objectively. You can then incorporate other technical tools and strategies to determine the right time to jump into the trade.
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Category: MT4 Indicators
Platform: Metatrader 4
Download link: At the end of the post.
Introduction
The zigzag arrow is quite similar to the conventional zigzag indicator. It helps traders to objectively identify swing highs and swing lows. But unlike the ordinary zigzag indicator which connects the swing highs and swing lows to form a zigzag-like, downtrend structure, the Zigzag arrow posts arrows as the name suggests. The blue arrow up shows swing lows while the red arrow down shows swing highs.
Buy: Wait for the indicator to post a green arrow and enter at the close of the candlesticks. Place the stop loss above the candlestick.
Sell: Wait for the indicator to post a red arrow and enter at the close of the candlestick. Place stop loss below the candlestick open.
Zig Zag Arrow MT4 can be used alone or in combination with other indicators to form a trading system.
Screenshot
Default setting
Download Zig Zag Arrow MT4
How To Install Custom MT4 Indicators On Mt4 (6 Simple Steps)
Step 1: Download The Indicator To Your Computer. Unzip (if any) to get .mq4 and/or .ex4 file
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