ZigZag Indicator for MetaTrader 4 - Download - Free - [TF Lab]

The ZigZag Indicator is an indicator in MetaTrader 4 used to identify price charts' highs and lows (pivots). This indicator shows the pivot highs and lows, which include both Major and Minor pivots, for a better identification of chart reversal points. The Major and Minor pivots are represented by the symbols HL, HH, LH, and LL for better recognition of primary or short-term trends. Identifying peaks and troughs (high) in any trading style and strategy is essential. It can be helpful for a better understanding of major and minor turning points and for identifying support and resistance levels.

Indicator Table

Major Pivots (Key Turning Points)

The image below shows the USD/CHF currency pair chart in the 30-minute time frame. As seen in the photo, the indicator represents the major pivot lows (key and large troughs) with LL and in a larger size. It also shows the major pivot highs (critical and prominent peaks) with HH and in a larger size. Given the higher key peaks and troughs, the main market trend can be considered upward.

Minor Pivots (Minor Turning Points)

The image below shows the EUR/USD currency pair chart in the 1-hour time frame. As seen in the photo, the indicator shows the minor pivot lows (minor troughs) with HL-LL in a smaller size. It also shows the minor pivot highs (minor peaks) with HH-LH in a smaller size. Thus, all the small and minor turns between two major pivots can be identified.

Support and Resistance Levels

One of the simplest methods for identifying support and resistance levels is to identify pivot levels on the chart. In the image below, in the AUD/USD currency pair chart with a 15-minute time frame, the ZigZag indicator determines the primary support and resistance levels based on the latest significant highs and lows. It also identifies and draws short-term and minor support and resistance levels using the latest minor pivots.

Indicator Settings

Display Setting: Customize the settings

• Theme: Customize the background settings as desired

ZigZag Setting: Zigzag line settings

• Candles to start checking: The number of candles for indicator calculations is set to 300
• Want to see pivot major points: The true option shows major pivots
• Left check for pivot major: Checking major pivots to the left of the chart is set to 9
• Right check for pivot major: Checking major pivots to the right of the chart is set to 9
• Want to see pivot minor points: The false option shows minor pivots
• Left check for pivot minor: Checking minor pivots to the left of the chart is set to 3
• Right check for pivot minor: Checking minor pivots to the right of the chart is set to 3
• Want to draw zigzag major: The true option shows major zigzag lines
• Want to see major texts on chart (HH-HL-LL-LH): The true option shows major labels
• Want to draw zigzag minor: The true option shows minor zigzag lines
• Want to see minor texts on chart (HH-HL-LL-LH): The true option shows minor labels
• Want to have support and resistance lines for major trend: The true option shows major support and resistance lines
• Want to have support and resistance lines for minor trend: The true option shows minor support and resistance lines

Note: The false option can be used to remove or hide any of the pivots and minor support and resistance levels.

Conclusion

Identifying and fully understanding chart turning points and pivots is essential for all traders. Therefore, this indicator can be handy for traders who need more accuracy and understanding of pivot levels. This indicator automatically draws support and resistance levels and can be a supplementary tool alongside various strategies.