"MultiZigZag" MTF Indicator
The "Zigzag" indicator is an indicator that shows the valleys and peaks of price fluctuations. At first glance, the "zigzag" indicator is also a very useful indicator for some uses.
The "MultiZigZag" introduced this time is an indicator for Metatrader 4 that displays multiple ZigZags on the chart. Also, instead of simply displaying three "zigzags", it is characterized by having an MTF function.
Example of using this indicator on the EURUSD hourly chart
"MultiZigZag" displays three "zigzags" of the specified time frame on a chart. In the above image, the daily chart (yellow line), 4-hour bar (red line), and 1-hour bar (blue line) are displayed on the 1-hour chart in a zigzag manner. There are not many "zigzag" indicators that support multiple time frames like this indicator does.
Note: It is not possible to display the zigzag of the time frame below the current time frame.
There are a variety of ways to use the indicator, but here are some typical uses.
Tips for use:
1. Use the ZigZag indicator with breakout strategies.
For example, if you go below / above the nearest valley / top, you may want to place a sell / buy order. "MultiZigZag" can display zigzag of various time frames, so you can trade valleys and vertices of other time frames with one chart.
2. Use ZigZags for trend trading.
The long-term trend may be an uptrend if the “Zig Zag” of the top timeframe that is useful for trend analysis is rising. In this case, it is a good idea to only place buy orders according to the long-term trend in the current timeframe. For example, in the chart below (1 hour), the daily zigzag (yellow line) is rising. In this case, it is a good idea to use the zigzag of the current time frame to place only buy orders at locations like A (exceeding the latest vertex).
3. Analyze market cycles (which usually occur in rhythm).
If you use "MultiZigZag" that grasps the rhythm of the market, you can also understand the rhythm and cycle of the market. If you study "MultiZigZag", you will see that valleys and vertices occur at regular intervals. This can be useful for price action analysis.
- ExtDepth - Depths of ZigZags
- ExtDeviation - Deviations of ZigZags
- ExtBackstep - Backsteps of ZigZags
- ExtMaxBar - Defines how many bars will be calculated for ZigZags.
- GrossPeriod - Defines timeframes of ZigZags.Enter values like this:M1=1,M5=5,M15=15,M30=30,H1=60,H4=240,D1=1440,W1=10080,MN1=43200.
- Enter values to the above parameters as "a,b,c";
- "a" is for first ZigZags, "b" is for second ZigZags and "c" is for third ZigZags
Download the "MultiZigZag" MT4 indicator from the button below
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.