Forex Super ZigZag Mt4 Indicator:
About the Forex Super ZigZag Mt4 Indicator
- On a scale of 0–100, the Fibonacci ratios are calculated as 23.6, 38.2, 50.0, 61.8 and 76.4%. These ratios are considered the main indicator (predicting possible future price movements), the price often rebounds from these levels.
- The indicator visualizes these levels on the chart of the price of an asset and provides an idea of its future movement.
- These lines can act as support or resistance levels, depending on whether currency pairs or stocks and indices in the stock market are traded above or below them.
- The more timeframe you work with, the clearer the levels will be triggered.
- ExtDeviation – The minimum number of points in percent between the lows or highs of the price of two adjacent candles.
- ExtDepth – The minimum number of candles, as the interval between extremes (highs or lows).
- ExtBackstep is the minimum number of candles between local extremes, in the area of which the second minimum / maximum will not be built if it is different from the previous one by the ExtDeviation indicator.
Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)