MTF-ZigZag Indicator MT4 MetaTrader for scalp in Forex Free Download

Introduction to MTF-ZigZag Indicator for Forex and Stock Markets in MetaTrader 4 📊

The MTF-ZigZag indicator works similarly to the ZigZag Arrow indicator and is suitable for short-term scalping trades in the financial market, particularly in Forex. This indicator focuses on significant price fluctuations and displays market trend changes using a zigzag line drawn on the chart. The zigzag lines show a peak and a trough. The indicator issues a sell signal at the peak and a buy signal at the trough. The MTF-ZigZag indicator performs better on lower timeframes, as it removes market noise and shows the price movement direction, either downward or upward.

Click here to download and install The MTF-ZigZag  Indicator .

Installing the Indicator on MetaTrader 4 📥

At the end of this post, in the download box, you can watch the installation tutorial video for installing the indicator in MetaTrader 4. Follow the video instructions to install the desired indicator.

MTF-ZigZag Indicator Settings for MetaTrader 4 ⚙️

Click here to download and install The MTF-ZigZag  Indicator .

This indicator does not require special settings to use. However, by decreasing the Ext Depth value, the range for analyzing candles becomes smaller, and the zigzag lines become shorter. This will also increase the number of peaks and troughs shown on the chart.

Buy Signal Using the MTF-ZigZag Indicator 💹

Click here to download and install The MTF-ZigZag  Indicator .

When can you enter a Buy position?

1. As mentioned earlier, this indicator draws zigzag lines on the chart.
2. After the zigzag line follows a downward trend, it reaches a trough.
3. After this trough, the trend changes, and the buying power increases, causing the market to trend upwards.
4. Once this happens, a strong bullish candle or a trend-reversal candle forms, and a new zigzag line is drawn showing an upward trend, triggering a buy signal.
5. Enter a Buy position at the strong bullish candle formed in this area.
6. Set your stop loss at the previous swing of the candle. To determine a more precise stop loss level, you can use ATR.

Exiting the Buy Position 💼

Relative to the stop loss, set your reward-to-risk ratio between 1 and 1.5. Alternatively, exit the position once you see the first sell signal.

Sell Signal Using the MTF-ZigZag Indicator 🔻

Click here to download and install The MTF-ZigZag  Indicator .

When can you enter a Sell position?

1. As mentioned earlier, the indicator draws zigzag lines on the chart.
2. After the zigzag line follows an upward trend, it reaches a peak.
3. After this peak, the trend changes, and the selling power increases, causing the market to trend downward.
4. Once this happens, a strong bearish candle or a trend-reversal candle forms, and a new zigzag line is drawn showing a downward trend, triggering a sell signal.
5. Enter a Sell position at the strong bearish candle formed in this area.
6. Set your stop loss at the previous swing of the candle. You can use ATR to determine a more accurate stop loss level.

Exiting the Sell Position 🏁

Relative to the stop loss, set your reward-to-risk ratio between 1 and 1.5. Alternatively, exit the position once you see the first buy signal.

The MTF-ZigZag indicator is a tool designed for scalping trades in the Forex market. By analyzing price fluctuations and the growth or decline of candle prices, it draws zigzag lines on the chart. These lines issue buy and sell signals at troughs and peaks. The indicator performs better on lower timeframes.