Double Zigzag No-repaint Indicator

Price action is frequently regarded as one of the most dependable indicators of trend direction. This is based on a pivot high or pivot low pattern that is rising or dropping. Although price action is a fairly dependable trading approach, not many traders are confident enough to identify pivot highs and pivot lows objectively. The Double Zigzag No-repaint indicator is a tool that can assist traders in objectively identifying pivot highs and pivot lows in order to determine price action characteristics.

What is the Double Zigzag No-repaint Indicator?

The Double ZigZag No-repaint indicator for MetaTrader is a bespoke trading tool constructed with two unique ZigZags trend analyzers that plot the price swing highs and lows. These zones (swing highs/lows) are probable price trend reversal points. This implies that the indicator is appropriate for detecting trend reversal setups. The indicator is a more complex version of the MetaTrader platform’s standard Zigzag indicator. It is well-optimized, chart-friendly, and includes a blue and orange dot plotting a non-repaint signal. The blue dot represents the signal of the fast Zigzag indicator, while the orange dot represents the combined signal of the fast and slow Zigzag indications. Furthermore, trend and counter-trend traders can use this technical indicator to identify buy/sell trading opportunities.

Setting up the Double Zigzag No-repaint Indicator
Setting up the Double Zigzag No-repaint Indicator

Double Zigzag No-repaint Strategy

The Double Zigzag No-repaint indicator is made up of two Zigzag indicators. The first is a faster Zigzag indicator, while the second is slower. Due to the duplication of Zigzag indicators, it is more sensitive in recognizing pivot highs and pivot lows than most Zigzag indicators. It plots dark orange dots to signify pivot lows and blue dots to show pivot highs based on the quicker Zigzag indicator. The slower Zigzag indicator, on the other hand, displays dark orange dots regardless of whether it detects a pivot high or pivot low. The Double Zigzag No-repaint indication has three adjustable settings. “Calculate On Bar Close” instructs the indicator to run its algorithm only when a bar closes. This function causes the indicator to only plot dots at the end of a bar, resulting in a non-repainting indication. “Zigzag Fast” refers to the depth of the pivot highs or lows for the faster Zigzag indication, while “Zigzag Slow” refers to the slow-moving Zigzag indicator.

Based on price movement, this indicator can be used to indicate trend direction. Consistently rising pivot high and pivot low dots suggest an uptrend market, whereas consistently falling pivot high and pivot low dots indicate a downtrend market. In conjunction with other technical indicators, the pivot high and pivot low dots can be utilized as a short-term momentum reversal signal and as an entry trigger.

Buy Signal

The following could be your checklist for a buy trade:

  • When the trend of the asset is bullish.
  • When there is increasing pivot high and pivot low dots on a continuous basis.

Once these events occur:

  • You could open a buy position after you confirm your entry with bullish candlestick patterns.
  • You could set your stop loss just below the nearest swing low.
  • You could set your take profit at the nearest resistance zone, or you could exit trade when pivot high and low dots begin to drop.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Double Zigzag No-repaint Indicator Buy Setup
Double Zigzag No-repaint Indicator Buy Setup

Sell Signal

The following could be your checklist for a sell trade:

  • When the trend of the asset is bearish.
  • When there is decreasing pivot high and pivot low dots on a continuous basis.

Once these events occur:

  • You could open a sell position after you confirm your entry with bearish candlestick patterns.
  • You could set your stop loss just above the nearest swing high.
  • You could set your take profit at the nearest support zone, or you could exit trade when pivot high and low dots begin to rise.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Double Zigzag No-repaint Indicator Sell Setup
Double Zigzag No-repaint Indicator Sell Setup

Double Zigzag No-repaint Pros & Cons

Pros

  • The Double Zigzag No-repaint Indicator is a tool that can assist traders in objectively identifying pivot highs and pivot lows in order to determine price action characteristics.
  • This indicator can be used by trend and countertrend traders to inspire their trade entry and exit decisions.

Cons

  • The Double Zigzag No-repaint Indicator may not be very suitable for a consolidating market.
  • This indicator may require additional knowledge of technical analysis to benefit optimally.

Conclusion

The Double ZigZag No-repaint MT4 indicator is a nice trend reversal trading tool for scalpers, day/intraday traders, and swing traders. The Zigzag Indicator is an effective tool for identifying price action trends. The Double Zigzag No-repaint indication takes it a step further by finding pivot points that do not repaint using two Zigzag indicators. Traders should note that this indicator may produce false signals sometimes, hence it should be combined with price action and other technical indicators.

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