ZigZag Support Resistance

5

This indicator uses the Zigzag indicator to identify swing highs and swing lows in the price chart.  Once it has identified the swing highs and swing lows, it can use them to determine potential support and resistance levels. A support level is formed when the price drops and bounces back up from a swing low, indicating that there is buying pressure at that level. A resistance level is formed when the price rises and reverses downward from a swing high, suggesting selling pressure at that level.

Parameters:

ZigZag Settings: Depth, Deviation & Back Step

SR Level Settings:

Peak to Peak distance (Points): The distance in which the indicator searches for peaks that form a resistance/Support zone. The higher the distance the the few the levels. This parameter can be used to filter out inconsistencies (noise) in the Peaks. 

Sensitivity: How many peaks found in a similar zone could be considered as peaks.

History: How many Peaks from the present time to consider when searching for the SR levels

Line Colour: Colour of the SR Levels

Line Weight: Size of the SR Levels

This indicator can help with the following:

  1. Confirming trend reversals: The Zigzag indicator can be useful in confirming potential trend reversals. When the indicator changes direction, it suggests a shift in the price momentum. Traders can look for instances where the indicator changes from making higher swing highs to lower swing highs (or vice versa) to identify possible trend reversals.

  2. Highlighting chart patterns: The Zigzag indicator can help highlight various chart patterns, such as double tops, double bottoms, head and shoulders patterns, and more. These patterns often indicate potential trend reversals or continuation patterns. By combining the Zigzag indicator with pattern recognition, traders can gain additional insights into the market's direction.

  3. Setting dynamic stop-loss levels: Support and resistance levels identified by the Zigzag indicator can be used as dynamic stop-loss levels. When entering a trade, you can set your stop-loss order slightly below the support level for long positions or above the resistance level for short positions. This approach allows you to manage risk and protect your capital.

Reviews 6
EB83Br72
1155
EB83Br72 2026.03.04 15:47 

bom indicador, obrigado.

eryuechunshen
672
eryuechunshen 2024.04.09 20:52 

Nice indicator, is verifying its effectiveness in the gold variety, thank you author

Quantum Trader
3049
Quantum Trader 2024.02.29 19:31 

Thank you for the smart effort and work to create such nice levels. Few things could be good to improve. First, to make the lines level behind the candle background as it's covering the chart details. Second, if we could combine two zigzags to create the level, like Zigzag1/12 and Zigzag2/34, then we will have beautiful swing levels .

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Pivot Point Detector
Emmanuel Tshepang Mosweu
5 (1)
Th indicator is a technical analysis tool that helps identify significant changes in price trends and filter out minor price fluctuations. It is used to highlight price swings and provide a clearer picture of market movements. The Pivots are found by checking if a certain candle is the highest/lowest in a given number of candles that come before and after it. This indicator has only one input, its period. The Higher the period, the more strict the indicator is about what constitutes a Pivot. Th
FREE
ZigZag Support Resistance MT4
Emmanuel Tshepang Mosweu
4.67 (3)
This indicator uses the Zigzag indicator to identify swing highs and swing lows in the price chart.    Once it has identified the swing highs and swing lows, it can use them to determine potential support and resistance levels. A support level is formed when the price drops and bounces back up from a swing low, indicating that there is buying pressure at that level. A resistance level is formed when the price rises and reverses downward from a swing high, suggesting selling pressure at that leve
FREE
Prop Firm Breakout MT4
Emmanuel Tshepang Mosweu
This strategy offers a disciplined and systematic approach to capitalize on price movements after periods of consolidation, presenting an excellent opportunity for profit generation. The strategy provides well-defined entry triggers based on price breakouts above resistance or breakdowns below support levels. This clarity allows for precise execution and eliminates guesswork, ensuring timely and efficient trades. In contrast to numerous other programs available in the mql5 market, this strateg
Prop Firm Breakout MT5
Emmanuel Tshepang Mosweu
This strategy offers a disciplined and systematic approach to capitalize on price movements after periods of consolidation, presenting an excellent opportunity for profit generation. The strategy provides well-defined entry triggers based on price breakouts above resistance or breakdowns below support levels. This clarity allows for precise execution and eliminates guesswork, ensuring timely and efficient trades. In contrast to numerous other programs available in the mql5 market, this strateg
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Edoardo Centorame
1639
Edoardo Centorame 2026.03.24 09:54 

User didn't leave any comment to the rating

EB83Br72
1155
EB83Br72 2026.03.04 15:47 

bom indicador, obrigado.

Kran5
904
Kran5 2025.03.22 14:22 

User didn't leave any comment to the rating

eryuechunshen
672
eryuechunshen 2024.04.09 20:52 

Nice indicator, is verifying its effectiveness in the gold variety, thank you author

Quantum Trader
3049
Quantum Trader 2024.02.29 19:31 

Thank you for the smart effort and work to create such nice levels. Few things could be good to improve. First, to make the lines level behind the candle background as it's covering the chart details. Second, if we could combine two zigzags to create the level, like Zigzag1/12 and Zigzag2/34, then we will have beautiful swing levels .

Detleff Böhmer
3273
Detleff Böhmer 2023.12.30 07:53 

Hilfreicher Indikator, danke.

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