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The Swing ZigZag indicator is a practical tool that helps traders identify price reversal swings by displaying these points. Available on the MetaTrader 5 platform, this indicator allows users to detect key market levels effectively.
A special feature of this MT5 trading assist indicator is the display of swing highs in blue and swing lows in brown, making trend analysis and trading decisions simpler and more accurate for users.
Indicator Table
The table below provides information about the Swing Zig Zag indicator:
| Category | Pivot Point & Fractal - Levels & Assist - Trading Tools |
| Platform | MetaTrader 5 |
| Skill Level | Intermediate |
| Indicator Type | Reversal - Strength - Continuation |
| Timeframe | Multi-timeframe |
| Trading Style | Scalping - Day Trading - Intraday |
| Markets | Forex - Stocks - Indices |
Uptrend
On the 4-hour USD/CHF chart, the price is breaking swing highs, indicating an uptrend in the market.
Additionally, when the price returns, we can see a reaction at the swing low, continuing the upward movement after the price interacts with this level.
Downtrend
On the 30-minute AUD/JPY chart, the indicator clearly shows the breaking of swing lows, confirming the continuation of the downtrend.
Additionally, when the price returns to the swing highs and reacts to them, it highlights the importance of this level as a strong resistance during the downtrend.
Indicator Settings
In the image below, you can see the settings related to the Swing ZigZag indicator:
- Minimum Bars: Number of swing periods.
Conclusion
The Swing ZigZag Indicator is an efficient tool for traders looking to identify reversal points on the price chart.
This MT5 Pivot Point & Fractal Indicator, allows traders to recognize reversal points as support and resistance levels and utilize them in their analysis. Additionally, the breakout of these levels can be considered a confirmation of the continuation of price movement in the direction of the breakout.
Can trades be entered based on Swing ZigZag indicator?
Yes, traders can enter trades if the breakout of swing highs is confirmed or if there is a reaction at the swing low level. However, it is recommended to use other analytical tools and risk management techniques for greater certainty.
Why is the swing low considered important support?
The swing low represents points where buyers previously entered the market and pushed the price higher. When the price returns to this level, the likelihood of a positive reaction and continuation of the uptrend is high.