ZigZag2 R Indicator

ZigZag2 R Indicator

ZigZag2 R Indicator For MT4 provides swing forex trading signals and long-term signals with the best entry points using corrective waves

The ZigZag2 R indicator for MT4 provides forex swing trading signals based on the ZigZag indicator. The indicator plots the ZigZag lines which include the progressive and the corrective waves. As a result, forex traders can identify price reversals using these ZigZag waves and lines. Moreover, the indicator removes many small fluctuations and helps traders to achieve trades with better risk-reward ratios.

The indicator works well in all intraday price charts as well as the daily, weekly and monthly price charts. Furthermore, the indicator is suitable for new and advanced forex traders. Traders should note that the Zigzag indicator continuously re calculates if the price makes new highs and lows.

ZigZag2 R Indicator For MT4 Trading Signals

The indicator plots blue ZigZag lines on the price chart. The trading strategy is based on identifying a trend and entering at price reversals.

If the ZigZag line reverses and moves higher, then traders should enter a buy trade with a stop loss below the previous swing low. Similarly, traders can enter a sell position with a stop loss above previous swing high. The indicator does not provide a profit target, however traders tend to exit at a price reversal.

Another trading strategy is to look for ZigZag lines in a higher chart frame. If the higher time frame chart shows an uptrend or when the price moves in a progressive wave; traders should wait for a corrective wave in the lower time frame chart. In this case, the best entry point for a buy trade is at the beginning of an upward move in the lower time frame chart.

Conclusion
In summary, the ZigZag2 R indicator for MT4 helps forex traders identify the price reversal points and to enter at the best prices.