ZigZag with Labels indicator for Meta Trader 5 Download - Free - [Trading Finder]

The ZigZag with Labels indicator is a powerful tool for traders identifying higher and lower highs in the Meta Trader 5 (MT5) platform. This indicator helps with more precise analysis by identifying major highs and lows, representing larger market structures, and minor highs and lows, representing internal structures. This indicator allows Elliott Wave traders to analyze market trends quickly and understand significant structural changes by marking pivot points.

ZigZag Indicator Table

Uptrend and Major Pivots

The market structure is in an uptrend in the 1-hour GBP/USD chart, forming higher lows (MHL) and higher highs (MHH). The ZigZag indicator marks these higher major highs (MHH) with the letter M and lower major lows (MLL), helping traders identify the main trend and predict price changes more accurately. This apparent display of highs and lows provides valuable insights for traders to make informed decisions based on the current trend and potential movements.

Downtrend and Minor Pivots

In the 15-minute USD/CAD chart, the ZigZag indicator clearly shows lower highs and lower lows with green labels, highlighting the market's downtrend and key pivot points. In this downtrend, the price consistently forms lower major highs and lows, representing the main market structure. Within this structure, minor highs and lows also form, labeled with m on the chart, helping traders identify more minor reversals and short-term trends.

ZigZag Indicator Settings

Display Setting: Customize the display settings.

• Color theme of chart and object: Choose your preferred background theme.

General Setting:

• How many candles to consider: The indicator uses 1000 candles for calculations.
• Trend Calculation type (ZigZag Candle): Trend calculations based on ZigZag candles.
• Do you want to see the arrows for the first cycle?: Set to false if you don't want to display arrows.
• Do you want to see Order Blocks?: Set to true to display Order Blocks.
• The Order Block Mode: Set to Aggressive mode.
• Invalid Order Block by new one: Draw new Order Blocks.
• Invalid Order Block by close beyond Set to accurate to close beyond the Order Block.

Summary

The ZigZag with Labels indicator is a practical tool for traders seeking to identify major and minor trends in trading charts. By clearly displaying higher highs and lower lows with labeled markers, this indicator helps traders quickly identify pivot points and price reversals. This tool is handy for recognizing major and minor market reversals and assists traders and analysts in identifying chart patterns such as double tops and bottoms. The simplicity of this indicator makes it suitable for traders of all skill levels and applicable in all trading markets.