The simple Zig Zag indicator for Metatrader 5 connects high and low points in the price chart and it can be used for both stop loss placement and breakout trading.
It eliminates random price action and gives a better overview of the overall currency trend.
Stop loss placement idea:
- In an uptrend, place a stop loss below the red colored Zig Zag indicator line.
- In a downtrend, place a stop loss above the red colored Zig Zag indicator line.
The following indicator inputs can be adjusted to suit your personal preferences: step calculation method (step in pips), step size, line style.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
It supports all time frames, Forex pairs and any other trade instrument.
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The following chart shows how the simple Zig Zag Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Simple Zig Zag Forex Indicator?
Find a simple trading example below:
- In uptrending markets, buy a break above the previous Zig Zag indicator high point.
- Open a buy order and place a stop order below the most recent Zig Zag low point.
- Exit the buy trade for a reward/risk ratio of at least 1.5, or wait for a sell signal.
- In downtrending markets, sell a break below the previous Zig Zag indicator low point.
- Open a sell order and place a stop order above the most recent Zig Zag high point.
- Exit the sell trade for a reward/risk ratio of at least 1.5, or wait for a buy signal.
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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 SimpleZZ.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