The ZigZag Pips Counter Forex indicator for MT4 identifies swing highs and swing lows based on the classic ZigZag indicator.
Moreover, the indicator displays the number of pips for each move from swing low to swing high and vice versa.
This type of indicator can be used for stop loss placement and to identify interesting support and resistance levels.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
- Works for any time frame
- Identifies swing highs and swing loss
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a simple buy/sell entry confirmation tool.
Indicator Example Chart
The EUR/USD 4-hour chart below shows the ZigZag Pips Counter indicator in action.
Basic Trading Signals
Signals from the ZigZag Pips Counter Forex indicator for Metatrader 4 are easy to interpret and goes as follows:
- Open a long trade when the overall trend is upward and price breaks above the previous ZigZag swing high level.
- Place stop loss below the previous swing low level.
- Exit the buy trade at a fixed take profit target.
- Open a short trade when the overall trend is downward and price breaks below the previous ZigZag swing low level.
- Place stop loss above the previous swing high level.
- Exit the sell trade at a fixed take profit target.
Download This Forex Indicator
Adjustable Parameters & Settings
Depth, deviation, back step, font size, text color
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: works on any time frame
Indicator Type: support/resistance
How to install the ZigZag Pips Counter indicator in Metatrader 4?
- Copy and paste the ZigZag_Counter.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button