ZigZag Pointer Indicator
The ZigZag pointer indicator for MT4 is a ZigZag indicator that highlights swing high and lows with arrows.
Description
The ZigZag Pointer indicator for MetaTrader 4 is a typical ZigZag indicator that highlights the price reversal zones with arrows when the price is greater than a fixed percentage. In other words, it is essentially a ZigZag indicator that connects the swing highs and lows with arrows rather than drawing zigzag lines across the chart.
The indicator is an incredible innovation when compared with the regular Zigzag tool on the MT4 platform. For instance, the indicator is chart-friendly (no zigzag lines), which gives ample space for technical analysis. Besides, the indicator’s arrow doubles as a trade entry signal (especially in trending markets), which makes it suitable for a complete novice trader.
How to Trade With the ZigZag Pointer Indicator for MT4
The above image shows how the ZigZag Pointer indicator highlights different swing levels with arrows. The lime arrows represent the swing highs, while the red depicts the swing low levels.
The indicator is commonly used to identify the trend direction of the market and potential reversal zones. Besides, the swing highs and lows being identified by the indicator are also potential support and resistance zones. For instance, the price may continue trending to the upside when it breaks above the previous swing high (lime arrow).
So, you may use the indicator’s arrow as a buy and sell entry signal; however, you need to ensure that the market is in an already established trend (bullish or bearish). Thus, the lime arrows would be used for the buy signal, while the red arrows for the sell signal.
Conclusion
The ZigZag Pointer indicator for MT4 is essentially a chart-friendly, easy-to-use ZigZag indicator. Finally, the indicator is free to download.