The ZigZag Channel indicator combines the ZigZag indicator – used to draw and better identify the highs/lows that the price makes, with a price channel drawn on the the chart by the zigzag highs/lows. This way the traders, especially those trading with the trend or trading breakouts, can better identify the best time to enter their trades.
As seen above (and below) the zigzag indicator is performing extremely well identifying the trend reverse signals, such as double top or double bottoms.
The settings are easy and simple to understand. The indicator has the option to customize the way the channel looks and to set alerts whenever the price breaks out of the price channel.
Free download ZigZag Channel.
Lucas Ramos (verified owner) –
The ZigZag Channel indicator is a useful tool for forex traders who want to identify the trend direction and the best entry and exit points. It combines the ZigZag indicator, which connects the significant highs and lows of the price, and the price channel, which shows the support and resistance levels based on the price range. The ZigZag Channel indicator can help traders to spot price breakouts, trend reversals, and triangle patterns. It can also measure the pip value of each ZigZag movement. The ZigZag Channel indicator works well on all timeframes and is suitable for scalping, intraday, and long-term trading. It is easy to use and has customizable settings. I think the ZigZag Channel indicator is a great addition to any forex trader’s arsenal. It can help you to trade with more confidence and accuracy.