Double ZigZag No Repaint MT4 Indicator
The Double ZigZag No Repaint MT4 indicator is a trading signal generator and is a complex version of the default ZigZag indicator that comes with your Metatrader platform. The Double ZigZag No Repaint MT4 indicator is an excellent tool if you’re looking to swing trade or trade based on the swing high/low concept. Unlike the traditional ZigZag indicator which overlaps on the price bar pattern and tends to clutter your charts, making the price action unreadable the Double ZigZag No Repaint MT4 indicator will highlight the most recent and historical swing high and swing low points with a big dot.
The Double ZigZag No Repaint MT4 indicator is not meant to be traded by itself and needs to be used in combination with your own system. This indicator can help you eliminate the short-term noise and to identify all the major swing high and low in the market. The Double ZigZag No Repaint MT4 indicator can be an extremely effective indicator in determining the current market cycle as well and it has the merits of keeping you on the right side of the market for longer periods.
As the name of the indicator “No Repaint” suggest the indicator will not highlight past signals that were proven to be wrong and it will only show the real swing high and swing low levels.
Double ZigZag No Repaint MT4 Indicator Settings
The preferred settings for the Double ZigZag No Repaint MT4 indicator are the default settings.The indicator has two main components a faster ZigZag indicator and a slow ZigZag indicator. The “ZigZagFast” variable has a value of 6 while the “ZigZagSlow” variable has a value of 24. You also have to choose “CalculateOnBarClose” to be true, which means that the indicator will only paint a signal at the bar close.
The blue dots on your charts only represent the signals coming from the fast ZigZag, while the red dots only represent the signals coming from the slower ZigZag but in order to be visible on the chart, you have to hide the fast ZigZag. The orange dots represent the signals coming from both of the ZigZags.
Double ZigZag No Repaint MT4 Indicator Strategy and Trading Rules
It’s not advised to use this indicator alone and in this regard, we’re going to use the Double ZigZag No Repaint MT4 indicator in combination with the Stochastic Oscillator. The Double ZigZag No Repaint MT4 indicator will tell us when a potential swing high or low is put in place while the Stochastic Oscillator will be used to time our trade entries. Without further do, these are the basic rules of the Double ZigZag No Repaint MT4 strategy:
- Buy Signal: Buy at the market when the Double ZigZag No Repaint MT4 indicator displays an orange dot and the Stochastic Oscillator is in oversold conditions below 20. You have to wait for the Stochastic crossover to happen before entering a position using a protective SL below the most recent swing low and take profit once another orange dot is displayed above the current price.
- Sell Signal: Sell at the market when the Double ZigZag No Repaint MT4 indicator displays an orange dot and the Stochastic Oscillator is in overbought conditions above 80. You have to wait for the Stochastic crossover to happen before entering a position using a protective SL above the most recent swing high and take profit once another orange dot is displayed below the current price.
The Double ZigZag No Repaint MT4 Indicator works best on the 15-minutes time frame and in the chart above, we have the EUR/USD 15-minute chart and a short trading opportunity is highlighted. The short setup is straightforward and once the orange dot appears two more conditions needs to confirm our short setup, firstly the Stochastic oscillator needs to be in overbought conditions and the trigger for our entry is once the Stochastic crossover happens.
Recommended Time Frames for the Double ZigZag No Repaint MT4 Indicator
Technically speaking, you can use this MT4 indicator for all time frames. However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly. We recommend that you use higher time frames like the 4H for better consistency.
Double ZigZag No Repaint MT4 Indicator Download
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