ZigZag Indicator

ZigZag Indicator

ZigZag Indicator for MT5 is the best zigzag indicator that draws the highs and lows of the price.

ZigZag is a trend analysis tool indicator for MetaTrader 5 (MT5) that identifies the highs and lows of price in a zigzag pattern. This helps analyze the direction of the market trend and potential reversal zones.

The indicator looks like a traditional ZigZag tool on the MT5 platform, but differs in the way it works.

It examines and highlights virtually every price peak and passage, which shows the market’s trend direction and potential reversal zones.

How to Use The ZigZag Indicator for MT5
The image below shows the action of the ZigZag indicator on the EUR/USD currency pair on the H4 timeframe.

The indicator will be useful for beginners and experienced Forex traders for a better analysis of the market and possible asset reversal zones. Moreover, it will also make technical analysis more convenient for experienced traders.

This way, the indicator can determine when the market is making higher highs and lower lows, which indicates a trending market. Thus, an uptrend is signaled when it shows a continuous upward zigzag movement from the lower left corner, and a downtrend is signaled when it declines to the downside.

Additionally, it can also help anticipate a trend reversal signal that appears after the previous high or low price has been broken. However, the indicator will be more effective when combined with price action/other technical indicators.

Conclusion
The ZigZag indicator for MT5 shows the direction of the market trend and reversal zones in the form of a zigzag. Additionally, it will also be useful for scalpers and day/intraday traders to identify trading opportunities.