Indicator Zigzag
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  1. #1
    Join Date
    Jan 2014

    Indicator Zigzag

    Welcome to this thread friends, I am participating in all robo forex forum contests, and here we go. There is one more contest for us, where we can share our indicator's features and can give a best education to forum members. The title of my thread is Indicator Zigzag, and in this thread I am going to right a review on Zigzag Indicator. I am very thankful to forum admin that robo forex forum bringing new contests on time to time for all forum member's.

    Description : I am a swing trader so I like to use zig zag indicator in my trading system. I have a very good experience of zig zag so want to describe more about this indicator. You can use zig zag indicator to follow the market trend, to check the momentum of the market, and to check the reversal points during trading. Its a very powerful indicator for those trader's who using fibonacci tool in trading. Zig zag indicator also a good indicator to find out the dynamic support and resistance points, other pattern's like double top, double bottom, triple top, triple bottom, head and shoulder, inverted head and shoulder etc. So its a complete package for trader's.

    Zig Zag Features: There are many features of zig zag indicator they are as follows:

    I. This is a very good news for those trader's who like to use fibonacci retracements and elliot waves because these use the concept of swing high swing low. Even in more other patterns in which we can apply the concept of swing high and low this indicator could be effective there too.

    II. It give a clear indicator about a strong market uptrend and a strong bearish downtrend market confirmation. Its not very scary, or complex indicator like other's, We have to just implement it on our chart and it will still make our chart very clean and easy for analysis. The action of zig zag on chart is very smooth.

    Zig zag a.JPG

    III. Zig zag provide consistency in trading, because it would not give you a lot of false signals. Which is essential for removing mistakes and evaluating your trading performance. All we know that consistency is our main objective in this field, which could make us a professional trader.

    IV. Zig zag produce a good pattern's knowledge to trader's. The most important things is trader's can learn about the important support and resistance with the help of zig zag indicator. Because its automatically create lines on Major support and resistance points and create a strong support and resistance area every time.

    Zig zag 2.JPG

    V. Its not only about support and resistance, trader's can learn more from double top and double bottom patter, Triple top and triple bottom pattern, Head and shoulder pattern, Inverted head and shoulder pattern, etc. I have gained a very good experience of these all pattern's in last 1 year through the help of zig zag indicator.

    Zig Zag Setting In Mt4 Terminal:
    1. First of all you have to download the Zig zag indicator for your mt4 terminal.

    Zig zag 3.JPG

    2. Now click on insert and choose Zig zag.
    3. Just apply zig zag on mt4 terminal charts.
    4. It will appear in mt4 terminal screen, there is nothing very tough to understand about zig zag indicator, its a simple indicator and you can apply easily this on your mt4 chart.

    Drawbacks of Zig Zag Indicator: There are couple of draw backs of zig zag indicator they are as follows.
    I. Make sure that you are no searching for any holy grail on the net, because there is no holy grail trading system in this world. This indicator would not give you 100% winning signals.

    II. Follow proper trading plans, and enter with plan b always, some time you can get false signals by zig zag.

    III. Follow the major trend when you enter in the market, and then you can avoid the short term trend, or reversal in the market. In a major trend you can get best advantage from this indicator, otherwise less experience of it could be harmful for you.

    IV. Zig zag perform also good in sideways market but make sure that you are following the market trend first. You can use the horizontal lines in your mt4 terminal, with the use of zig zag indicator to gain some profit in sideways or ranging market. Don't depend much upon sideways market condition, because its less effective and there is big risk and less reward in it.

    My Recommendations: I am using zig zag since a very long time now, and I mostly like to follow the differ types of pattern in this indicator, I mostly follow major support and resistance points and wait for double top, double bottom, head and shoulder etc. You can also apply the same analysis in the market.

    Don't ever try to take 20 to 30% per trade, because many novice trader's start to take indicator's their buy and sell signals, I will say again that there is no holy grail in forex. So its essential to use proper money management and risk management in trading.

    I hope you found this to be a beautiful Indicator Zig Zag thread. And once again I am very thankful to read my thread. Have a awesome day.
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