The ZigZag Forex Channel for Metatrader 5 provides currency traders with powerful buy and sell breakout trading signals in any possible time frame.
The indicator draws the ZigZag high and low breakout channel lines in the price chart.
How to interpret the indicator?
- A candlestick close above the upper ZigZag breakout line signals a bullish trade.
- A candlestick close below the lower ZigZag breakout line signals a bearish trade.
The indicator allows customizing the following settings and parameters: depth, deviation, back step, period, colors, and style.
Make yourself familiar with this trading indicator and practice first on a demo account until you fully understand how it works.
It supports all time frames and Forex pairs.
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Zigzag2_R_channel.mq5 Indicator (MT5)
Chart Example
The following chart shows what the ZigZag Forex Channel indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The ZigZag Channel Indicator?
Find a simple trading example below:
Buy Signal
- A buy signal is confirmed when the candlestick closes above the upper yellow colored channel line.
- Execute a buy trade and place a protective stop below the most recent swing low.
- Exit the buy trade position at key resistance levels.
Sell Signal
- A sell signal is confirmed when the candlestick closes below the lower blue colored channel line.
- Execute a sell trade and place a protective stop above the most recent swing high.
- Exit the sell trade position at key support levels.
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Zigzag2_R_channel.mq5 Indicator (MT5)
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 Zigzag2_R_channel.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