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, 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.
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The following chart shows how 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:
- 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.
- 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.
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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 NRTR_ZigZag_Price.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