Conclusion: Who could use the ZigZag Indicator?.MetaTrader 4 Supreme Edition Keltner Channels.ZigZag Indicator | Spotting Tops and Bottoms. MetaTrader Supreme Edition Keltner Channels.We can use the MetaTrader 4 ZigZag indicator for: The ZigZag indicator is a very diverse indicator that allows for huge versatility in both trading and analysis. Then let’s get started What is the zig zag indicator and how does it workut the zig zag indicator is as accessible as the moving average. The ZigZag indicator utilises sectional lines to connect significant tops and bottoms of the price. The minimum price change parameter determines the percentage for the price to move to create a new zig or zag. This indicator eliminates price changes that are less than the given value of this parameter. Hence, the ZigZag indicator highlights significant changes only. In most cases, we use the ZigZag indicator to indicate only the most important turns and changes applying other indicators (i.e. Elliot Waves) can provide a more holistic view. To do this, open a Candlestick chart, and then choose Format Symbol. This example uses TradeStation 9.5, but should easily translate to TradeStation 10.0 as well. The ZigZag indicator tracks and connects extreme points of the chart, the distance between these points being equal to or higher than the percentage specified for the price scale. You can make the wicks easier to see in TradeStation. To use the ZigZag indicator, a percentage of price movements must be set. Although the default value for a ZigZag deviation is 5, a setting of 10 would ensure that only price fluctuations of 10% or more would be shown in the chart.
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