The zigzag indicator in mt4 is also called the parabolic steering indicator. The zigzag indicator is not an indicator that comes with mt4, but it has a very unique profile in analyzing foreign exchange price trends. Let’s take a look at the download and usage of the zigzag indicator.
Zigzag indicator description:
The zigzag indicator is a trend line connecting a series of price points. So the main purpose of zigzag is to identify the relative high and low points in the past price, and use the line between these points to indicate the trend of this period of price changes.
Download and usage of zigzag indicator in MT4
Zigzag indicator parameter settings:
In the process of identifying high and low points, the following three parameters are mainly set: ExtDepth, DextDeviation and ExtBackstep.
The representation in the program is: externintExtDepth=12; externintExtDeviation=5; externintExtBackstep=3.
Introduction to zigzag indicator usage:
- This indicator will change the final connection according to the latest price, which is what some people said involves future function problems. Therefore, the last connection cannot be used as the final high and low points, so be careful when using them.
- Since it is an indicator, it is the result of strict calculation, but in practical applications, it is often too old-fashioned to adapt to changes in the market. But most of the time it is correct, you will find that the waves of the market are unobstructed.
- Draw horizontal lines of recent highs and lows and trend lines based on ZIGZAG, which will greatly help the judgment of the market. When drawing the trend line, it may be better to draw according to Zigzag and then according to your own judgment.
The above is an introduction to the download address and usage method of the zigzag indicator in mt4, hoping to help the majority of investors.