Swing ZigZag Indicator for MT4 Download - Free - [TradingFinder]

The Swing ZigZag indicator is a MT4 trading assist indicator that works similarly to the ZigZag indicator.

It helps traders identify price reversal swings and is effective for market trend analysis, support and resistance levels, and price reversal detection.

Indicator Table

Below is the table of the indicator's specifications.

Overview of the Indicator

The Swing ZigZag indicator displays price reversal points, making it an effective tool for identifying key levels in the market. Traders can use these points as support and resistance levels. If these levels are broken, they can enter trades in the direction of the prevailing trend, aiding in precise and optimal decision-making.

Uptrend

On the 30-minute gold (XAUUSD) chart, swings are identified as highs and lows. Traders can use these swings as support and resistance levels.

If the resistance level breaks, it can act as a confirmation for an uptrend and shift its role from resistance to support.

Downtrend

On the 30-minute oil (WTI) chart, the indicator confirms a downtrend with the break of swing lows, as the price continues to decline.

Moreover, when the price returns to the swing highs, it reacts to these levels and resumes its downward movement.

Indicator Settings

In the image below, you can see the settings for the Swing ZigZag indicator:

• Minimum Bars: Number of swing periods.

Conclusion

The Swing ZigZag indicator is a valuable trading tool for identifying price trends, allowing traders to use swing points as support or resistance levels.

If the swing highs or lows break, the MT4 pivot point & fractal indicator can confirm a continuation of the trend in the direction of the breakout. If the price returns to these levels, traders can leverage them as potential price reversal points.