Introduction of swing zz mt4 indicator:
When you look at forex charts, you see the candlesticks forming. The patterns these candles create can sometimes get overwhelming, and you can get confused, especially at lower time frames. Swing zz mt4 indicator can help you see the markets with clarity. It does this by removing all the clutter formed by the candles, and it shows you the true sentiment prevailing in the market, whether it’s bullish or bearish.
Working of indicator:
Swing zz indicator is programmed to give very small weightage to short price fluctuations. It gives more weight to the overall trend. Using this, you will see a clear trend line in either a bullish or bearish direction instead of a cluster of candles. If you manually draw the swings, you will find it difficult to spot the swing highs and lows.
Settings of swing zig zag mt4 indicator:
When you apply the indicator to your mt4 charts, it only asks you for one input, as shown in the image below.
minBar: Normally and minor min bar values will show the high and lows of smaller swings and vice versa
Trading strategy using swing zig zag mt4 indicator:
The indicator shows the swing highs and lows in the form of blue and red dots, respectively. So using the previous swing high and lows as a reference, a trader can take the short position when the price breaks the last swing low level in a downtrend.
Also, the trader should take the extended position when the price breaks the previous swing high in an uptrend.
Swing zig-zag also dramatically helps in top-down analysis because price fluctuations can become overwhelming at lower time frames. So by using this indicator at a higher time frame and then coming down to a lower time frame, we can avoid the clutter in the market.
Conclusion:
The best thing about the swing zz mt4 indicator is that both new and experienced traders can use it. It can help you make sound decisions about trades.
Don’t forget to checkout our other amazing forex indicators for mt4
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