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Swing ZZ Zigzag

The Swing ZZ Zigzag indicator is an MT4 indicator that connects the peaks and troughs for potential trend reversal signals.

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Description

The Swing ZZ Zigzag indicator is a MetaTrader 4 (MT4) trend analysis tool that identifies potential trend reversal/continuation zones of the price. It is a Zigzag pattern indicator that identifies key swing highs and low zones in the financial market.

The indicator draws a diagonal line on the MT4 chart that connects significant swing high/low zones. The highs and lows are key support/resistance zones for possible trend reversals.

Therefore, the indicator targets the highs and lows of past price action to assist traders in finding potential trading opportunities. Thus, it would be a handy forex trading asset for beginner, intermediate, and advanced traders.

Features of the Indicator

The Swing ZZ Zigzag recognizes the swing highs and lows using a Zigzag pattern algorithm. It connects the peaks and troughs of the price, making it easier for traders to identify probable zones for a trend reversal or breakout setup.

Furthermore, the indicator has one parameter, which can be customized to sync with a trader’s trading technique.

Benefits of the Indicator

  1. Accurately Identifies Swing Highs and Lows: The indicator is one of the best trading tools that highlight the swing highs and lows of the price of an asset.
  2. Suitable for Swing Traders: The indicator would play a significant role in making swing traders find optimal zones for BUY/SELL trade setups. It filters the random movement in the market and displays optimal zones for a trader to look for trading opportunities in the financial market.
  3. Better Trading Decisions: The highs and lows identified by the indicator are zones for potential trend reversal. Therefore, traders can anticipate a trend reversal setup or a breakout trading opportunity at the swing zones.

Indicator Description Settings

The indicator comes with the following customizable settings:

miniBars: This parameter determines how the indicator detects the swing highs and lows. In other words, the parameter filters the type of swing (bigger or smaller swing) highs/lows to be displayed.

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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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