Fractal Zigzag – Non Repaint Indicator for MT4

February 15, 2021

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Introduction to the Fractal Zigzag – Non Repaint Indicator

Price action patterns based on swing highs and swing lows are telltale signs of the general trend direction of the market. Swing highs and swing lows based on the short-term can also be valid trade entry signals. Many price action traders who trade based on these information does make money trading the forex market.

Let us look into how we can use the Fractal Zigzag – Non Repaint indicator as a means to trade based on such swing high and swing low signals.

What is the Fractal Zigzag – Non Repaint Indicator?

Fractal Zigzag – Non Repaint Indicator for MT4 Both these indicators are based on the idea of identifying swing highs and swing lows, with the Fractals being geared towards minor swing points, while the Zigzag indicator is based on major swing highs and swing lows.

How the Fractal Zigzag – Non Repaint Indicator Works?

The Fractal Zigzag – Non Repaint indicator has an underlying Fractals indicator and Zigzag indicator wherein it bases its identification of reversal signals from. This indicator would then plot an arrow pointing the direction of the reversal whenever these underlying indicators detect a reversal.

How to use the Fractal Zigzag – Non Repaint Indicator for MT4

The Fractal Zigzag – Non Repaint indicator has three variables within its settings.

“ZZDepth” and “ZZDev” are variables that would adjust the underlying Zigzag indicators identification of the swing highs and swing lows.

“CalculateOnBarClose” on the other hand causes the script to run only at the close of each candle. This feature causes the indicator to not plot signals unless the candle has closed, and therefore make the indicator none repainting.

Given that this indicator provides reversal signals, this indicator can be used as a reversal entry signal or trigger. However, it can be more effectively used when the signals it produces are traded in confluence with the trend direction based on price action.

Buy Trade Setup

When to Enter?

Identify an uptrend market based on price action. Open a buy order as soon as the Fractal Zigzag – Non Repaint indicator plots a blue arrow pointing up. Set the stop loss on the support below the entry candle.

When to Exit?

Close the trade as soon as the Fractal Zigzag – Non Repaint indicator plots a red arrow pointing down.

Sell Trade Setup

When to Enter?

Identify a downtrend market based on price action. Open a sell order as soon as the Fractal Zigzag – Non Repaint indicator plots a red arrow pointing down. Set the stop loss on the resistance above the entry candle.

When to Exit?

Close the trade as soon as the Fractal Zigzag – Non Repaint indicator plots a blue arrow pointing up.

Conclusion

The Fractal Zigzag – Non Repaint indicator can be a very effective tool for identifying reversal trade entries. However, not all signals that it would produce would be profitable. As such, it is best to use this indicator in confluence with the main trend direction in order to have a better win probability.