The 3 Level ZZ Semafor indicator for Metatrader 5 is based on the zigzag trading concept and delivers rapid trade entry signals to Forex traders.
The indicator appears in the main chart window as a series of colored light-blue and purple dots.
To achieve the best trading results, It is highly recommended to utilize this indicator in combination with a trend trading indicator.
Basic trading signals:
- A light-blue colored ZZ Semafor dot generates a potential buy trade opportunity.
- A purple colored ZZ Semafor dot generates a potential sell trade opportunity.
The following indicator inputs and parameters can be modified: period 1, period 2, period 3, backstep, deviation.
Familiarize yourself with the 3 Level ZZ Semafor indicator and try it first on a practice account before applying it to a live account.
It supports all time frames and Forex pairs.
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3_level_zz_semafor.mq5 Indicator (MT5)
Chart Example
The following chart shows what the 3 Level ZZ Semafor indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The 3 Level ZZ Semafor Indicator?
Find a simple trading strategy below:
Buy Signal
- Buy condition: it is crucial for the market to demonstrate a clear uptrend.
- A buy signal is given when the light-blue colored dot gets printed on the chart.
- Open a buy trade and place a stop loss below the most recent swing low zone.
- Exit the buy trade for a risk to reward ratio of 1.0 or higher.
Sell Signal
- Sell condition: it is crucial for the market to demonstrate a clear downtrend.
- A sell signal is given when the purple colored dot gets displayed on the chart.
- Open a sell trade and place a stop loss above the most recent swing high region.
- Exit the sell trade for a risk to reward ratio of 1.0 or higher.
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3_level_zz_semafor.mq5 Indicator (MT5)
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the 3_level_zz_semafor.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration
