The ZigZag Pips Counter Forex indicator for MT4 identifies swing highs and swing lows based on the classic ZigZag indicator.
Moreover, the indicator displays the number of pips for each move from swing low to swing high and vice versa.
This type of indicator can be used for stop loss placement and to identify interesting support and resistance levels.
Key Points
- Works for any time frame
- Identifies swing highs and swing lows
- Support/resistance
- Well worth adding to your indicator collection
Free Download
Download the “ZigZag_Counter.ex4” MT4 indicator
Indicator Trading Chart
The EUR/USD 4-hour chart below shows the ZigZag Pips Counter indicator in action.
Trading Signals
Signals from the ZigZag Pips Counter Forex indicator for Metatrader 4 are easy to interpret and go as follows:
BUY:
- Open a long trade when the overall trend is upward and the price breaks above the previous ZigZag swing high level.
- Place a stop loss below the previous swing low level.
- Exit the buy trade at a fixed take profit target.
SELL:
- Open a short trade when the overall trend is downward and the price breaks below the previous ZigZag swing low level.
- Place a stop loss above the previous swing high level.
- Exit the sell trade at a fixed take profit target.
Download Now
Download the “ZigZag_Counter.ex4” MT4 indicator
ZigZag Swing Reversal Strategy with Stochastic Oscillator
The ZigZag Pips Counter Indicator MT4 helps visualize market swings and count pip distances between highs and lows.
You can combine this with the Stochastic Oscillator to time entries more accurately at potential reversal zones.
Chart Setup
- Primary Indicator: ZigZag Pips Counter Indicator MT4
- Secondary Indicator: Stochastic Oscillator (14, 3, 3)
- Timeframe: 30-minute (M30) or 1-hour (H1)
Buy Setup
- The ZigZag indicator forms a new swing low, showing a clear downward leg with pip count.
- The Stochastic Oscillator is below 20 and crosses upward, signaling an oversold bounce.
- Enter a buy trade at the open of the next candle after the crossover.
Sell Setup
- The ZigZag indicator forms a new swing high, showing a clear upward leg with pip count.
- The Stochastic Oscillator is above 80 and crosses downward, signaling an overbought reversal.
- Enter a sell trade at the open of the next candle after the crossover.
Stop Loss and Take Profit
- Stop Loss: 10–15 pips beyond the most recent swing point identified by the ZigZag.
- Take Profit: Use the pip count shown by the indicator to aim for a risk-reward ratio of at least 1:2.
Trading Notes
- Avoid trading when the market is flat or during low volatility periods.
- This strategy works well in swing and retracement conditions—best during London or New York sessions.
- You can also confirm major swing zones with support/resistance levels for more reliable setups.
Adjustable Parameters & Settings
Depth, deviation, back step, font size, text color
Feel free to explore the indicator’s different parameters and settings to create your personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: works on any time frame
Indicator Type: support/resistance
How to install the ZigZag Pips Counter indicator in Metatrader 4?
- Copy and paste the ZigZag_Counter.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
