MetaTrader 5 ZigZag Indicator - Free Download - [TF Lab] - MT4/MT5 Resources

The ZigZag indicator is one of the indicators in MetaTrader 5 that can be used to identify the troughs and peaks of a chart. This indicator identifies and marks the price’s pivot points, known as pivot highs and lows on the chart (HH-HL-LH-LL).

In any price chart, peaks and troughs form continuously, and understanding them correctly helps determine the direction of a major (trend) or short-term market trend.

Major pivot highs and lows show key turning points and major market trends, while minor pivot highs and lows show minor turning points and short-term market trends.

Indicator Table

Major pivots (key turning points)

The image below shows the S&P 500 index chart with the symbol (US500) on the 5-minute time frame. As shown in the chart, in an uptrend, the indicator shows Major Pivot Lows (key and important troughs) with (HL) and larger sizes.

It also shows Major Pivot Highs (key and prominent peaks) with (HH) and larger sizes.

Small pivot (small turning point)

The picture below is a 30-minute chart of the Nasdaq index, with the symbol (NAS100). As shown in the picture, the indicator light shows Minor Pivot Lows (HL-LL).

It also indicates Minor Pivot Highs (HH-LH) with smaller sizes. In this way, all minor turns and minor turns between the two main pivots can be identified.

support and resistance levels

The image below shows the chart of the AUD/CAD currency pair with the symbol (AUDCAD) on the 1 hour time frame. The ZigZag indicator identifies major support and resistance levels based on the latest major pivot point highs and lows (large).

It also uses the latest data to plot short-term and minor support and resistance levels, Minor Pivots , which traders can use with their trading strategies.

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;
• 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;
• 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

This MT5 Support and Resistance indicator is useful for identifying trend reversal points and chart price rotations. It helps traders identify pivot highs and lows on charts without manual inspection, thereby enabling them to implement their trading strategy based on them.