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Channel ZigZag

Trade the forex markets profitably by using the Channel ZigZag MT5 Indicator. It identifies trend direction, trend strength. Get best support and resistance levels using the upper and lower channel lines.

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Description

The Channel ZigZag MT5 indicator automatically plots an equidistant channel based on the classic ZigZag indicator. So, traders can easily identify the forex market trend direction. Additionally, the channel lines act as potential support and resistance levels as well as entry and exit points.

Features of Channel ZigZag MT5 Indicator

The indicator plots a channel with a blue upper line and a magenta lower channel line with a teal dotted mid line. Traders can identify the trend direction of the forex market using the slope of the channel. An uptrend channel has a positive slope while a downtrend is with a negative slope pointed downwards. A steeper slope angle indicates a stronger price trend.

This indicator works on all chart time frames, however a higher time frame channel provides better risk reward. Additionally, the upper and lower channel lines act as support and resistance.

In a bullish up channel, traders can buy at the lower channel line with a stop loss below the previous swing low. The best profit target is the upper channel line. Similarly, in a bearish down channel traders should open sell positions from the upper line.

Benefits of Channel ZigZag MT5 Indicator

The main benefit of this indicator is the automatic identification of the trend direction. So, it is beneficial to both new and advanced forex traders. Trading between the upper and lower channels is a profitable trading strategy. Additionally, traders can scalp the markets using a higher time frame channel.

Indicator Settings Description

ExtDepth:, ExtDeviation:, ExtBackstep:, First peak index number (0,1,2,3..): Input for Zigzag calculation.

Upper channel line color:, Upper channel line style:, Upper channel line width:, Middle line color:, Middle line style:, Middle line width:, Lower channel line color:, Lower channel line style:, Lower channel line width: Input for color, width and styles of the channel lines.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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