Zigzag WS Channel Indicator for MetaTrader 4 – Download - [TradingFinder]

The Zigzag WS Channel indicator is an advanced tool in MetaTrader that combines the Zigzag algorithm with dynamic trendlines to draw a technical channel for identifying and confirming price movement structures.

This indicator detects price turning points (peaks and troughs) and accurately displays the main market trends using red lines.

Zigzag WS Channel Indicator Table

The table below outlines the key features of the Zigzag WS Channel Indicator:

Indicator Overview

The Zigzag WS Channel indicator identifies significant price swings (Swing High/Low), marks key reversal points, and connects them with straight red lines (ZigZag).

Then, based on these highs and lows, it draws dynamic support and resistance levels, forming a technical channel and pivot points.

Uptrend Conditions 

The image below shows the S&P 500 price chart in a 30-minute timeframe. The indicator detects higher highs and higher lows to analyze the uptrend structure. The lower channel line acts as dynamic support, creating an area for potential buy entries.

Downtrend Conditions

The image below shows the GBP/CHF currency pair chart in a 5-minute timeframe. The Zigzag WS Channel Indicator confirms the downtrend by detecting lower highs and lower lows and then draws the price channel and pivot points.

The upper channel line serves as dynamic resistance, providing a suitable spot for sell entries.

Zigzag WS Channel Indicator Settings

The image below shows the settings panel of the Zigzag WS Channel Indicator:

• ExtDepth: Depth
• ExtDeviation: Deviation or allowed deviation
• ExtBackstep: Backstep

Conclusion

The Zigzag WS Channel Indicator is a technical tool for trend analysis and identifying price movement structures.

In addition to visualizing the trend direction, this indicator plays a key role in forecasting price targets and can be easily integrated with various trading strategies.