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Successful traders try to identify a trend early as possible and ride it till the end. Channel ZZ Indicator for MT4 is a perfect combination of channel and ZigZag trading technique.
This is a channel with the use of ZigZag
1) It measures the ZigZag price ranges.
2) Channels are always parallel and the ZigZag lines are always at equal distances.
3) When the price is within the channel, it shows a trend.
4) When the price leaves the channel, it shows a trend reversal.
The combination of indicators enables traders to identify a trend and ride it while reducing the market noise. The combination also helps you find the best entry and exit points and manage the stops. It will also allow you to ride the trend till the end
The three rules of trend following
1. In a trend, sell when the most recent highs are broken
2. In a trend, buy when the most recent lows are broken
3. When prices move sideways, do nothing
The indicator draws a channel based on the price movements and a zigzag based on the channel. Many forex technical trading systems use this indicator to plot other indicators.
Parameters
-Period: This is the period of the zigzag
-Length: This is the length of the zigzag
-Shift: This is the shift of the zigzag
-Shift Direction: This is the direction of the shift
-Direction: This is the direction in which the channel will be drawn.
However, the ZigZag indicator in MT4 draws zigzag patterns according to a channel. The combination of channel and zigzag can provide you with strong support & resistance level
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