The MetaTrader platform’s best trend indicator is the ZigZag WS Channel R v2. This indicator provides two tools that can be used to identify market trends.
It first uses the zig-zag lines to show the actual price trend. It connects the swinging lows and highs of the market to determine the direction of price movements.
ZigZag WS Chanel MT4 indicator is ideal for forex trend traders. You can use it for manual analysis or to add it as an EA robot to receive automated trend alerts.
How ZigZag WS Chanel R v2 Works
The ZigZag WS Chanel v2 highlights the swinging aspects of the price. It connects the swing highs and swing lows of price, which act as trendline support or resistance. This indicator can be used as a trend-following channel by combining multiple trendlines.
ZigZag WS Chanel offers an alternative method of analysing the market, without the need to use Bollinger bands or moving averages. It uses its ZigZag Line to indicate the trend direction. It also acts as dynamic support and resistance to the price’s lower and higher trendlines.
If the price is expected to rebound from the trendline area, you should look for price action buy/sell signals that could signal trade entry opportunities. You can also use the price swinging levels to set stop-loss zones for active orders.
ZigZag WS Channel, a technical trend indicator, works with all forex currency pairs. It can be used to help you project the target price level, as well as trend analysis. This indicator can be incorporated into any MT4 trading strategy to boost your trading performance.