Channel Zig Zag Indicator for MT4 Download - Free -[TradingFinder]

The Channel Zigzag Indicator is an advanced and distinct version of the classic Zigzag line indicator available on the "MT4" platform.

Similar to its traditional counterpart, the Zigzag indicator features a dynamic line that simplifies market fluctuations by filtering out price noise.

The Channel Zigzag Indicator can draw a dynamic channel around the trend, representing support and resistance zones.

Additionally, this indicator records the numerical value of changes in recent steps for comparative analysis.

Specifications of the Channel ZZ Indicator

The specifications of the Channel ZZ Indicator are presented in this section; details of the Channel ZZ Indicator:

Bullish Trend Conditions

According to the 15-minute USD/CAD pair chart, the Zigzag line is registering higher lows, indicating a bullish trend.

During an uptrend, price retracements to the green line (representing support zones) provide suitable opportunities for buy entries.

Bearish Trend Conditions

In the 30-minute timeframe analysis of Binance Coin (BNB), the price is moving within a downward channel, and the Zigzag line is registering lower highs. 

In such conditions, the price touching the channel's resistance can be seen as an opportunity for sell entries, while reaching the support provides a signal to exit the position.

Channel ZZ Indicator Settings

The image below showcases the settings panel for the Channel Zigzag Indicator:

• Period: Calculation period;
• Channel width: Channel width based on points;
• Font size: Font size for labels;
• Font: Font type for labels;
• Display channel: Enable or disable channel display;
• Lookback: Number of candles for past analysis.

Conclusion

The Channel Zigzag Indicator is a refined version of the classic Zigzag line and one of the MetaTrader4 indicators available. 

Based on its default calculations, it creates a dynamic channel around the trend, and price interactions with the top or bottom of the channel generate entry and exit opportunities.