MetaTrader 4 ZigZag Indicator - Free Download - [TFlab] - MT4/MT5 Resources

The ZigZag indicator is a MetaTrader 4 indicator used to identify highs and lows (pivots) on price charts . This indicator displays pivot highs and lows, including major and minor pivot points, for more accurate identification of chart reversal points.

Major and minor pivot points are represented by the symbols HL, HH, LH and LL for better identification of major or short-term trends. It is crucial to identify the peaks and troughs (highs) of any style and trading strategy.

It helps to better understand major and minor turning points, as well as identify support and resistance levels.

Indicator Table

Major pivots (key turning points)

The image below shows the USD/CHF currency pair chart on the 30-minute time frame. As shown in the chart, this indicator represents the major pivot lows (key and trough) LL and is larger in size.

It also shows the major pivot highs (key and prominent peaks) HH and is larger in size. Given the higher key peaks and troughs, the primary market trend can be considered upward.

Small pivot (small turning point)

The image below shows the EUR/USD currency pair chart on the 1 hour time frame. As shown, the indicator shows the minor pivot low (minor trough) HL-LL in a smaller size.

It also shows the minor pivot high point (minor peak) HH-LH is smaller in size. Therefore, all minor and minor turns between the two main pivots can be identified.

support and resistance levels

One of the easiest ways to identify support and resistance levels is to identify pivot levels on a chart. In the image below, the ZigZag indicator identifies major support and resistance levels based on the latest significant highs and lows on the AUD/USD currency pair chart with a 15-minute time frame.

It also uses the latest minor pivot points to identify and plot short-term and minor support and resistance levels.

Indicator Settings

Display Setting

• Theme : Customize the background settings as needed

ZigZag Setting

• Candle start check : the number of candles for indicator calculation is set to 300;
• Want to know the key points : The correct option shows the main key points;
• Check Main Pivot Left : Check if the main pivot on the left side of the chart is set to 9;
• Properly check the pivot major : check that the major pivot on the right side of the chart is set to 9;
• Want to see the key points : the wrong option shows a smaller pivot;
• Left Check Pivot Decimal : Checks that the minor pivot on the left side of the chart is set to 3;
• Right Check Pivot Minor : Check that the minor pivot on the right side of the chart is set to 3;
• Want to draw zigzag pro : the correct option shows the main zigzag lines;
• Want to see the main text on the chart (HH-HL-LL-LH) : true option shows main labels;
• Want to draw small zigzags : the correct option displays smaller zigzag lines;
• Want to see secondary text on the chart (HH-HL-LL-LH) : true option displays secondary labels;
• Want support and resistance lines for major trends : Real option shows major support and resistance lines;
• Want to provide support and resistance lines for minor trends : The Real option displays smaller support and resistance lines.

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

Conclusion

Identifying and fully understanding chart turning points and pivot points is crucial for all traders. Therefore, this indicator is particularly useful for traders who require greater accuracy and deeper understanding of pivot levels. This MetaTrader 4 Support and Resistance Levels can be used as a complementary tool for various trading strategies.