ZigZag Pointer Indicator

ZigZag Pointer Indicator

The ZigZag Pointing Indicator for MT5 is a ZigZag indicator that highlights swing highs and lows with dots. ! No-repainting Indicator!

The ZigZag Pointer indicator for MetaTrader 5 is a typical ZigZag indicator that uses arrows to highlight price reversal zones when the price exceeds a fixed percentage. In other words, it is essentially a ZigZag indicator that connects swing highs and lows with dots rather than drawing zigzag lines on the chart.

The indicator is an incredible innovation compared to the regular ZigZag tool on the MT5 platform. For example, the indicator is chart-friendly (no zigzag lines), which gives enough room for technical analysis.

In addition, the arrow of the indicator serves as a signal to enter a trade (especially in trending markets), which makes it suitable for a novice trader.

How to Trade With the ZigZag Pointer Indicator for MT5

The image above shows how the ZigZag Pointer indicator highlights different swing levels with dots. Lime dots represent swing highs, and red dots represent swing lows.

The indicator is commonly used to determine the direction of the market trend and potential reversal zones. In addition, the swing highs and lows defined by the indicator are also potential support and resistance zones. For example, price may continue an uptrend when it breaks above the previous swing high (lime dot).

Thus, you can use the indicator dot as a buy and sell entry signal; however, you need to make sure that the market is in an already established trend (bullish or bearish). So lime dots will be used for a buy signal and red dots for a sell signal.

Conclusion
The ZigZag Pointer Indicator for MT5 is essentially a charting friendly and easy to use ZigZag indicator. Finally, the indicator is free to download.