Modified:
26

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

TradingView

MetaTrader4

MetaTrader5
$5FreeFor a limited time
Zigzag WS Channel Indicator for MetaTrader 4 – Download - [TradingFinder]
Zigzag WS Channel Indicator for MetaTrader 4 – Download - [TradingFinder] 0
Zigzag WS Channel Indicator for MetaTrader 4 – Download - [TradingFinder] 1
Zigzag WS Channel Indicator for MetaTrader 4 – Download - [TradingFinder] 2
Zigzag WS Channel Indicator for MetaTrader 4 – Download - [TradingFinder] 3
0
26
0
Modified:

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 Categories:
Price Action MT4 Indicators
Pivot Points & Fractals MT4 Indicators
Bands & Channels MT4 Indicators
Platforms:
MetaTrader 4 Indicators
Trading Skills:
Intermediate
Indicator Types:
Range MT4 Indicators
Reversal MT4 Indicators
Timeframe:
Multi-Timeframe MT4 Indicators
Trading Style:
Intraday MT4 Indicators
Trading Instruments:
Share Stocks MT4 Indicators
Indices Market MT4 Indicators
Commodity Market MT4 Indicators
Stock Market MT4 Indicators
Cryptocurrency MT4 Indicators
Forex MT4 Indicators

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.

Uptrend in Zigzag WS Channel Indicator
AUD/USD view in Zigzag WS Channel Indicator

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.

Downtrend in GBP/CHF using Zigzag WS Channel Indicator
Price hitting resistance in Zigzag WS Channel Indicator on MetaTrader 4

Zigzag WS Channel Indicator Settings

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

Internal settings of Zigzag WS Channel Indicator
Settings of Zigzag WS Channel Indicator in MetaTrader 4 platform
  • 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.

score of blog
5 From 5.0
(1)
Rate this post
FAQs

What is the Zigzag WS Channel Indicator?

This indicator is a combination of the ZigZag WS Indicator and price channels used to identify trends and reversal points.

What is the primary use of Zigzag WS Channel ?

Its primary function is to identify dynamic support and resistance levels and forecast potential price reversal points.

0Comment