Double ZigZag No-repaint Indicator
The Double ZigZag No-repaint indicator for MT4 is a custom trading tool built with two Zigzags trend analyzer that plots the swing highs/lows of the price.
Description
The Double ZigZag No-repaint indicator for MetaTrader is a custom trading tool built with two distinct ZigZags trend analyzers that plots the swing highs and lows of the price. These zones (swing highs/lows) are the potential trend reversal points of the price. This infers that the indicator is suitable for identifying trend reversal setups.
The indicator is an advanced version of the regular Zigzag indicator on the MetaTrader platform. It is well-optimized, chart-friendly, and comes with a blue and orange dot that plots a non-repaint signal. The blue dot depicts the signal of the fast Zigzag indicator, while the orange dot depicts a joint signal generated by the fast and slow Zigzag indicators.
Furthermore, this technical indicator may be used by trend and counter-trend traders to find buy/sell trading opportunities. However, the signal tends to be more reliable in a trending market. So, in essence, it is recommended to be used in a trending market for better efficiency.
How to Trade with the Double ZigZag No-repaint Indicator
The above image depicts the action of the indicator on the EURUSD chart in the H4 timeframe. It shows an illustration of how to harmonize the indicator’s signal with price action for better trade setup/entry.
First, the image shows that the overall trend of the EURUSD pair is bullish. Furthermore, the indicator painted an orange dot below the price, which suggest a potential end of the minor retracement and a possible continuation of the bullish move. Finally, the indicator’s signal was accompanied by a bullish engulfing candlestick chart pattern, which also doubles as a buy entry.
The above principle may also be used to generate a sell entry in a bearish trend. Moreover, you may also use the Double ZigZag No-Repaint indicator as a confluence with other technical trading indicators like the MACD, Stochastic Oscillator, etc. to find trading opportunities.
Conclusion
The Double ZigZag No-repaint indicator for MT4 is one of the best trend reversal trading tools suitable for scalper, day/intraday, and swing traders. Finally, it is free to download.