The ZigZag Strategy utilizes the ZigZag MT4 Indicator obviously! The key to the use of the ZigZag indicator is to determine when the market is ripe for reversal. And you know well enough that if you can spot key reversal points, then world is your oyster. That is why another indicator capable of spotting oversold and overbought areas in the market is used in conjunction with the zigzag indicator. All you need is to have your live account verified!

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The downward reversal is expected where the market is overbought, and an upside reversal is expected when the market is oversold. Once the overbought and oversold areas are detected on the chart, the trader is then expected to make the entry based on the bounce of the candle on the zigzag line.

This is demonstrated below.

What is the Zig Zag Indicator formula and how is it calculated? | Investopedia

Hope that you like the strategies that we share. If you like the strategies here, you will absolutely love our latest strategy The MorningPips Trading System.

The aim of Morningpips is to finish trading by the morning. ZigZag MT4 Indicator Long Entry Rules A long entry is initiated when the following setup occurs:. The stop loss for this trade is set at a few pips about pips below the low price of the entry candle. It is better to allow the zig zag reversal to take place before setting a stop loss. For the Take Profit settings, there are certain pointers as to where the trader should take profit.

The best way to take profits from the trade is to allow the Stochastics indicator to head over to the overbought zone. This signals the end of upward momentum and imminent downward reversal, and therefore is a good spot to exit the trade. Of course, you must know that not all the trend lines traced by the Zigzag MT4 Indicator point out accurate reversal signals.

The only valid signals are those which obey the following rules:.

ZigZag formula - RT

However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly. We recommend that you use higher time frames like the 4H for better consistency. To unlock the download link, you just need to share this page to help us achieve our goal of helping more traders out there.

Leave us a comment below to let us know your thoughts training earnings binary options trading account this indicator.

If you like this indicator, you might like see other indicators that we have carefully selected that will help you in your trading journey. And if you can, you really should invest in a proven MT4 Expert Advisor to help you generate some profit on full autopilot.

We highly recommend this powerful MT4 Expert Advisor.

ZigZag MT4 Indicator - Free MT4 Indicator

Visit our Free MT4 Indicator Download page. We hope you have enjoyed this post as much as we have creating it. Good luck and thank you for your readership. If you like to learn how to anticipate market movements and stop using lagging indicatorsthen you will absolutely LOVE our Sniper Trading System.

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