mt4 free indicators
zigzag indicator setting for intraday
Feb
ZigZag AutoChannel ZigZag AutoChannel is a combination of the automatic Zig_Zag and Price Channel indicators for the MT4 platform.
ZigZag and AutoChannel are two indicators that are widely used by market experts for technical analysis of foreign currency pairs. However it is a price channel that reveals hidden resistance and support of the price depending on the lows and highs the price is at.
The main purpose of this ZigZag AutoChannel indicator is to assist traders in finding the most appropriate trend and the best level to place their orders. In addition, you can create and code an MT4 ZigZag Expert Advisor (EA) of your own, based on the trading and formation rules followed by this indicator.
According to our review, based on our evaluation, the ZigZag AutoChannel indicator provides a simple demonstration of a charting indicator. In addition, it is compatible with all time frames within the MT4 platform. This allows you to use it for intraday trading and scalping.
How do I trade with this ZigZag AutoChannel indicator on the MT4 platform?
In this chart, the red line across the price candle is the ZigZag line, which shows the direction of the current market trend. The ZigZag line changes its direction when it observes an important reversal in price.
The yellow line connects the nearest high and low of the price, forming an automatic price channel. The lower line acts as support, while the higher line acts as resistance. In addition to trendline resistance and support, autochannels can detect triangle patterns. If price moves within the channel, you can use the trendline S/Rs to determine the level of trade entry. If the price moves out of the channel, we will consider it as a possible price breakout.
In order to place an order, it is necessary to use the ZigZag line to determine the trend of the market. Then, we will evaluate the entry points for trading using the trend line position of the auto channel.
Below are the rules for trading the ZigZag Auto Channel.
Trading within the AutoChannel zone
Buy. If it is clear that the ZigZag line is rising and the price rises away from the channel resistance level
Sell: If you see that the ZigZag line is in a negative direction and the price is bouncing down from the channel resistance.
Trade outside the auto channel zone
Buy. If it is clear that the ZigZag line is in an upward direction and the price is above the channel resistance
Sell: If you see that the ZigZag line is in a negative direction and the price breaks through the support of the channel.
Conclusion
Its ZigZag AutoChannel indicator reflects the balance between trend as well as level to assess possible trade configurations. In addition to Forex currencies, the indicator can also be used on futures, stock, and cryptocurrency charts. In addition, it is compatible with the MT4 ZigZag EA, allowing users to continue trading on autopilot based on ZigZag’s trend signals. In our opinion, this product ZigZag AutoChannel is rated as one of the most effective and easiest trend following trading tools for beginners.
