Introduction to the ZigZag WS Channel RV 2 Indicator
The ZigZag WS Channel RV 2 indicator highlights the swing points of the price.
It connects the swing high and swing low points of the price that work as trendline support and resistance. With multiple trendlines, this indicator works as a trend-following price channel as well.
Whenever the price intends to rebound from the trendline zone, look for a price action buy/sell signals for potential entry point. Moreover, you can use the price swinging levels as the stop-loss areas for your active orders.
Furthermore, this forex indicator also shows numeric states of each trend movement of the price. It includes the average movement ratio, number of price bars, and total number of pips per move.
It fits all kinds of timeframes and currency pairs.
The indicator is displayed directly on the main trading chart.
The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the ZigZag WS Channel RV 2 indicator in MT4?
Copy and paste the ZigZag_ws_Chanel_RV_2.ex4 or ZigZag_ws_Chanel_RV_2.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The ZigZag WS Channel RV 2 indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
ZigZag WS Channel RV 2 Indicator Free Download
To download the ZigZag WS Channel RV 2 Indicator for Metatrader 4 (MT4) for free just click the button below: