ZZ SR TL Indicator

ZZ SR TL Indicator

ZZ SR TL Indicator For MT4 plots trend lines based on Zig Zag-based forex support and resistance. Effective support and resistance trading tool

The ZZ SR TL indicator for MT4 plots forex support and resistance lines on the price chart based on the classic ZigZag indicator. As a result, forex traders can identify the best buy and sell entry points based on this.

This trend line indicator is easy to use for new and advanced forex traders and works well on all intraday price charts and longer time frames. As a result, the indicator is suitable for the spectrum of forex traders including scalpers, intraday traders and short to long term traders.

Moreover, traders can use this indicator to formulate auto trading strategies.

ZZ SR TL Indicator For MT4 trading Signals

The indicator plots red trend lines that act as support and resistance. Traders can clearly identify them based on the origin of trend line from top or bottom of the candlestick. The trading strategy is to enter the markets based on the support and resistance.

Support and resistance based trading is quite easy, comfortable and highly effective. Traders can use breakout or rejection trading strategies to benefit from them.

Generally, traders should enter a buy trade once price reaches the support line with an appropriate stop loss. However, traders can book profits at a resistance or with a good risk reward ratio. Similarly, traders can enter sell position and target to book profits at a support.
Another effective trading method is to use this indicator in confluence with other technical indicators for technical analysis or trading signal confirmation.

Conclusion
In summary, the ZZ SR TL indicator for MT4 is an excellent forex support and resistance identifier for forex traders.