ZigZag Indicator

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ZigZag indicator is one of those indicators people love or hate. It is the Marmite of indicators. Below is chart with the Gann ZigZag Indicator for MT4 on.

gannzigThe thing you have to remember with the zigzag indicator is that it is lagging. This obviously means to some it will be too slow. But if you look at it another way..if it is slow to get you into a trade it will be slow to get you out. And thus for traders who like to enter a trade on a retracement within a trend it may atually be idea. As you can see the indicator marks the highs and lows of moves quite nicely and thus forms a zigzag pattern, hence the name.

In my opinion if you are going to have it on your charts it is ideal for counting Elliott Waves and Wolf Waves. The ZigZag indicator will filter out all retracements of a certain size (selected in settings) and thus you will have very neat waves to count and or measure.

The ZigZag Indicator can also be used to highlight the highs and lows so you know where to draw trendlines.

Download the Gann ZigZag Indicator

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