ZigZag with Tags Indicator for MetaTrader 4 Download - Free - MT4/MT5 Resource

The Tagged ZigZag, Meta Trader4 indicator identifies points on the price chart that have changed more significantly than previous waves and connects these points, helping traders identify trends. This indicator also identifies pivot points where the price chart changes direction.

Pivot points, also called reversal points, occur when supply and demand interact. There are two types of pivots: major pivots (major price reversals) and minor pivots (smaller swings).

Zigzag indicator chart

ZigZag Indicator Overview

Understanding and identifying pivot points price charts is an essential trading strategy for all. This indicator helps traders recognize primary market movements , classic patterns , support and resistance levels , Elliott Waves , and ranging zones .

major and minor pivots

In the 15-minute GBP/CHF chart below, the indicator displays major pivots (M) and minor pivots (M), helping traders identify major market trends by identifying key highs and lows.

Know the classic pattern

The 1-hour NZD/USD In the chart below, the ZigZag indicator helps identify classic technical patterns such as head and shoulders , double tops and double bottoms , and the ending channel pattern. Traders can use the highs and lows detected by the indicator to identify ending channels in the chart.

support and resistance levels

One of the easiest ways to identify support and resistance levels is by detecting pivot points on the chart. In the 30-minute EUR/USD chart below, the major pivots identified by the ZigZag indicator help traders find major pivot support and resistance levels on the price chart.

Elliott Waves

In the 1-hour AUD/CAD chart below, the ZigZag indicator helps identify Elliott Waves , a key part of technical analysis. In this example, the indicator detects the major highs and lows , identifying a 5-wave bull pattern.

Indicator Settings

Display Setting

• Color themes for charts and objects: Set the background theme to your liking.

General Setting

• How many candles to consider: The indicator uses 1000 candles for calculation.
• Trend calculation type (ZigZag candle): Trend calculation based on ZigZag candle chart.
• Do you want to see the arrow for the first period: Set to false if you don't want the arrow to show.
• Do you want to see OrderBlocks: Set to true to show order blocks.
• Order block mode: Set to Aggressive
• New order block is invalid: Create a new order block.
• The OrderBlock invalid after closing is set to exact to close the position beyond the order area.
• Show ZigZag Labels: Set to true to display ZigZag labels.

Conclusion

The ZigZag Indicator is valuable for detecting major and minor chart reversals . It also helps traders and analysts identify classic patterns and chart formations. This MT4 level indicator is easy to use and traders of all skill levels can apply it in any market.