ZigZag on Parabolic Indicator MT4 | 100% Free Download Now

ZigZag on Parabolic Indicator MT4 | Free Download

The ZigZag on Parabolic Indicator MT4 is a combination of the default parabolic indicator and the zigzag indicator.

In fact, you could potentially make use of both these indicators to get the same results as the custom indicator called the ZigZag on Parabolic Indicator.

As the name suggests, this indicator plots the zigzag lines and the PSAR dots on the price chart.

ZigZag on Parabolic Indicator MT4

ZigZag on Parabolic Indicator MT4

When to go long using the ZigZag on Parabolic Indicator?

Wait for a high to form and then wait for PSAR’s to be plotted above price.

Following this, you will first see the zigzag plotting a low.

Go long when the PSAR makes the first plot below the low of the price.

When to exit your long positions?

Exit the long position either based on a fixed risk to reward set up or wait until you get an opposite signal.

ZigZag on Parabolic Indicator MT4

ZigZag on Parabolic Indicator MT4

When to go short using the ZigZag on Parabolic Indicator?

Look for Zigzag to plot a low and the PSAR to plot below the price.

When the PSAR is broken and you see the Zig Zag plotting a high, go short on the next candlestick opens.

When to exit your short positions?

Exit the long position either based on a fixed risk to reward set up or wait until you get an opposite signal.

Where to set the stop loss?

Set the stop loss to the low or the high of the candlestick that breached the PSAR dot first.

Conclusion

The ZigZag on Parabolic Indicator is a simple to use technical indicator.

It allows you to scalp the forex markets but only in the short term.

It works best only when the market is in a strong trend.

During choppy markets, you will be prone to false signals.

How to Increase Your Winning Ratio with ZigZag on Parabolic Indicator MT4?

When you add the ZigZag on Parabolic Indicator MT4 and use it together with a proven trend trading system like the Elite Swing Trader or Simple Trend Trading System, you can only expect to achieve a better win ratio and better risk-reward ratio.

Recommended Time Frames

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 H4 or even higher for better consistency.

Click Here for Your Free Download of ZigZag on Parabolic Indicator.ex4 file

How to Install Custom Indicators on MT4 on Windows

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We hope you have enjoyed this post as much as we have created this strategy post for you.

Good luck and thank you for your readership.


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