The NRTR ZigZag price indicator for Metatrader 5 shows support and resistance levels on the price chart based on the ZigZag trade logic.
NRTR stands for Nick Rypock Trailing Reverse.
It’s a versatile technical indicator that can be used for stop-loss placement and identifying interesting price breakout levels.
The indicator also plots the price on the ZigZag support and resistance levels.
The indicator offers the following inputs and parameters for customization: ZigZag, up color, and down color.
The NRTR ZigZag price indicator works for any trading instrument supported by the Metatrader 5 charting platform.
Make yourself familiar with this trading tool and test it first on a demo account before using it on a real account.
It supports all time frames and Forex pairs.
Free Download
NRTR_ZigZag_Price.mq5 Indicator (MT5)
Chart Example
The following chart shows what the NRTR ZigZag Price indicator looks like when applied to the MT5 chart.
How To Buy And Sell Pairs With The NRTR ZigZag Price Technical Indicator?
Find a simple trading example below:
Buy Signal
- A price breakout above the previous ZigZag resistance level creates a buy signal.
- The market should be trading in an uptrend.
- Start by placing a buy order and place your stop loss below ZigZag support.
- Exit the buy trade for a risk to reward ratio of at least 1.5.
Sell Signal
- A price breakout below the previous ZigZag support level creates a sell signal.
- The market should be trading in a downtrend.
- Start by placing a sell order and set your stop loss above ZigZag resistance.
- Exit the sell trade for a risk to reward ratio of at least 1.5.
