ZigZag Indicator MT5

ZigZag Indicator for MetaTrader 5

The ZigZag Indicator in MetaTrader 5 is a powerful tool that highlights key highs and lows on price charts. By marking significant turning points—often referred to as Pivot Highs and Lows (HH, HL, LH, LL)—it simplifies trend identification and helps traders better understand market structure. As price moves, it naturally forms consecutive peaks and troughs, which the ZigZag makes easier to see.

Correctly interpreting these pivot patterns is essential for recognizing both long-term trends and short-term price fluctuations. Major Pivot Highs and Lows indicate meaningful market reversals and determine the dominant trend, while Minor Pivots reflect smaller, temporary movements within the larger structure.

Indicator Table

Overview

The ZigZag Indicator links together pivot highs and lows to illustrate the broader price movement. It helps traders analyze behavior, filter out noise, and identify classic chart patterns such as Head and Shoulders, Double Tops, and Double Bottoms.

Major Pivot Points

For example, on a 5-minute S&P 500 (US500) chart, the indicator displays Major Highs (HH) and Major Lows (HL) using larger markers. These signify strong price movements and help define the overall trend direction during an uptrend or downtrend.

Minor Pivot Points

On a 30-minute NASDAQ (NAS100) chart, Minor Highs and Lows are shown with smaller markers. These pivots represent short-term fluctuations between major swing points and give traders a more detailed understanding of price action.

Support and Resistance Levels

On the AUD/CAD (AUDCAD) 1-hour chart, the ZigZag Indicator also identifies essential support and resistance levels using both major and minor pivots. This allows traders to align multi-level S&R analysis with their trading strategy.

Indicator Settings

·        Display Settings – Fully customizable visual options

·        Theme – Modify background and color preferences

·        ZigZag Settings – Adjust styling of ZigZag lines

·        Candles to Start Checking – Default: 300 bars

·        Major Pivot Left/Right Check – 9 bars

·        Minor Pivot Left/Right Check – 3 bars

·        Major ZigZag Lines – Toggle on/off

·        Major Labels (HH, HL, LL, LH) – Toggle pivot text

·        Minor ZigZag Lines – Toggle on/off

·        Minor Labels (HH, HL, LL, LH) – Toggle pivot text

·        Major Support/Resistance Lines – Enable/disable major S&R

·        Minor Support/Resistance Lines – Enable/disable short-term S&R

Any feature can be disabled using the “false” option if preferred.

Summary

The ZigZag Indicator is an efficient tool for spotting trend reversals, pivot structures, and overall market swings without manual chart inspection. By clearly displaying Major and Minor Pivots, it helps traders quickly identify key market shifts and make more informed trading decisions.