ZigZag Indicator MT4
- Indicators
- Mehnoosh Karimi
- Version: 3.1
- Activations: 10
ZigZag Indicator for MetaTrader 4
The ZigZag Indicator in MetaTrader 4 is widely used for identifying significant highs and lows—known as pivot points—directly on the price chart. By marking both Major and Minor pivots, it helps traders recognize potential reversal zones and understand overall market structure. Each pivot is labeled as HH, HL, LH, or LL, making it easier to detect dominant trends as well as short-term price movements.
Spotting these peaks and troughs is a vital component of technical analysis, helping traders locate key turning points and identify important support and resistance areas.
Indicator Table
| Category | Details |
| Indicator Category | Support & Resistance – Levels – Pivot Points – Fractals |
| Platforms | MetaTrader 4 |
| Trading Skills | Beginner |
| Indicator Types | Reversal – Lagging |
| Timeframe | Multi-timeframe |
| Trading Style | All Styles |
| Trading Instruments | All Markets |
Overview
Pivot identification is a cornerstone of technical analysis across all trading styles. The ZigZag Indicator automatically detects major turning points and the smaller intermediate pivots between them. This makes it particularly useful for recognizing classic chart formations such as Double Tops, Double Bottoms, and Head & Shoulders patterns.
Major Pivots (Key Turning Points)
On a 30-minute USD/CHF chart, the indicator plots major pivot lows (LL) and major pivot highs (HH) using large, clear markers. These significant points outline the dominant market trend.
In the example, the presence of higher major peaks and troughs confirms an uptrend.
Minor Pivots (Smaller Turning Points)
On a 1-hour EUR/USD chart, the indicator displays minor pivot lows (HL, LL) and minor pivot highs (HH, LH) using smaller labels. These minor pivots illustrate short-term fluctuations that form between two major pivot points, giving traders a detailed view of short-term price action.
Support and Resistance
A reliable method for mapping support and resistance levels is to use pivot points.
On a 15-minute AUD/USD chart, the ZigZag Indicator marks major support and resistance zones based on recent significant highs and lows. It also highlights short-term S&R levels using minor pivots, allowing traders to analyze both the broader trend and short-term market structure.
Indicator Settings
· Display Settings: Fully customizable visual preferences
· Theme: Adjustable background options
· ZigZag Settings: Configure line parameters
· Candles for Calculation: Default: 300 candles
· Show Major Pivots: Toggle visibility of major pivot points
· Major Pivot Check (Left/Right): 9 candles
· Show Minor Pivots: Toggle visibility of minor pivot points
· Minor Pivot Check (Left/Right): 3 candles
· Draw Major ZigZag: Option to display major ZigZag lines
· Label Major Points (HH-HL-LL-LH): Enable/disable major pivot labels
· Draw Minor ZigZag: Option to display minor ZigZag lines
· Label Minor Points (HH-HL-LL-LH): Enable/disable minor pivot labels
· Major Support/Resistance: Draw major S&R levels
· Minor Support/Resistance: Draw minor trend S&R levels
All options can be disabled individually if needed.
Summary
Mastering chart pivots and turning points is essential for traders at every skill level. The ZigZag Indicator for MT4 automatically highlights key pivot points and support/resistance areas, improving the clarity of market analysis. When combined with other technical tools, it helps traders better understand price behavior and enhances the accuracy of trading decisions.
