This swing high swing low indicator mt4 shows you the swing highs and swing lows of price action as it moves up and down.
This indicator is actually a zigzag indicator and it is a lot better than the default zigzad indicator you would find in your mt4 charts.
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
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:
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
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Using the Swing_ZZ indicator on live chart becomes very Very VERY slow. On strategy tester it is slow but on live charts it becomes very slow. Any work-around around this problem???