The Zig Zag Alert Forex indicator for Metatrader 5 follows the trend and can be used to identify both trend direction and major changes in trends.
It eliminates random price action and gives a better overview of the overall market trend.
This indicator will alert you whenever new Zig Zag trading pattern levels appear on the chart.
The following indicator inputs can be adjusted to suit your personal preferences: choose sound, show alerts, send push notification, depth, deviation, back step.
First, familiarize yourself with this technical indicator and test it on a demo account.
It supports all time frames, Forex pairs, and any other trade instrument.
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Chart Example
The following chart shows what the Zig Zag Alert Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Zig Zag Alert Forex Indicator?
Find a simple trading example below:
Buy Signal
- A buy trend occurs when the current zig Zag high point is higher than the previous one.
- Open a buy order and set the initial stop loss below the previous swing low level.
- Exit the buy trade for a reward/risk ratio of at least 1.5, or wait for a sell signal.
Sell Signal
- A sell trend occurs when the current zig Zag high point is lower than the previous one.
- Open a sell order and set the initial stop loss above the previous swing high level.
- 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 ZZ_Alert.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