This swing high swing low indicator mt4 shows you the swing highs and swing lows of price action as it moves up and down in bullish and bearish trends.
This indicator for forex traders is actually a zigzag indicator and it is a lot better than the default zigzad indicator you would find in your mt4 charts. The indicator plots using the highest and lowest prices of the price swings.
From this swing high swing low indicator, you then can identify:
- support and resistance levels.
- draw trendlines
- draw channels
- and even other chart patterns like descending or ascending triangle depending on the indicator settings.
How To Draw Trendlines With The Swing High Swing Low Indicator
For upward trendlines, you need a minimum of 2 blue dots and you can draw a trendline, like this:
For downward trendlines (to indicate downtrend), you connect a minimum of two red dots, like this using swing high candlestick:
How To Draw Channels With The Swing High Swing Low Indicator
You can also use the swing high low indicator to draw:
- upward price channels
- downward price channels
- sideways price channels
Here’s an example of drawing an upward price channel:
The Swing High Swing Low Indicator Is Also Useful For Helping You Draw Price Chart Patterns
This swing high low indicator can also help you identify price charts. An example is this ascending triangle chart here that is being formed:
Swing High Low Indicator MT4 Download Link
Finally, here’s the download link for the swing high low indicator: Swing_ZZ
Don’t forget to mention, link, like, share and tweet about forextradingstrategies4u to your friends.