ZigZag Channel Indicator combines ZigZag moves and Channel lines where you get a very powerful tool with great visual confirmation of the entries.
this ZigZag Channel Indicator for MT4 / MetaTrader 4 will show you normal ZigZag lines together with Channel Lines. Additional to this two indicators you will have some more critical information on the chart like:
- Pips difference from previous ZigZag line
- number of bars from previous ZigZag line
- Average difference of the move to previous ZigZag line
When you combine all of the above you should have most of the critical information when using ZigZag Channel Indicator. This indicator will filter out smaller price movements were you will be able to ignore the noise and see the bigger picture.
Now when you add channel you are able to predict more easily where the PA (Price Movement) is going and if ZigZag is going to bounce soon.
This are the available settings for ZigZag Channel Indicator:
- ExtDepth: how often to look for lower Highs or higher Lows (if you set this low you will have more short lines)
- ExtDeviation: checks if the current High is higher than the last High in this number of bars
- ExtBackstep: It means that indicator will check everything from the previous bar up to ExtBackstep bar
- FontName: what font to use for text
- FontSize: set text font size
- TextColor: set text color
How to install ZigZag Channel Indicator in MetaTrader 4 / MT4:
- Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!