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ZigZag AutoChannel is a combination price channel indicator and auto Zig_Zag. It can be used on the MT4 platform.
Market experts heavily use both ZigZag as well as price channel for technical analysis of forex currency pairs. The ZigZag indicator is used to identify market trends. A price channel, on the other hand shows the price’s hidden support or resistance based upon the market’s highs and lowers.
The ZigZag AutoChannel indicator’s primary purpose is to assist traders in finding the right trend and at the highest level possible for placing orders. You can also code your own MT4 ZigZag Expert_Advisor, (EA), based on the indicator’s trading rules.
Our review found that the ZigZag AutoChannel indicator allows for a simple demonstration and display of chart signals. It is also compatible with all timeframes on the MT4 platform. This flexibility allows you to use it for intraday and scalping trading.
Trades within the auto channel area
- Buy: If the ZigZag line rises and the price bounces up from channel support
- Sell when the ZigZag line falls and the price recovers downwards from channel resistance
Trades outside of the auto channel area
- Buy when the ZigZag line rises and the price breaks through the channel resistance
- Sell when the ZigZag line falls and the price breaches the channel support
Conclusion
The ZigZag AutoChannel indicator shows a balance between trend and level for assessing possible trade setups. It works with forex currency pairs as well as stocks, futures and cryptocurrency charts. It is compatible with MT4 ZigZag EA, which allows you to trade auto based on ZigZag trends.
Our review found that the ZigZag AutoChannel was one of the easiest and most effective trend-following trading tools available for beginners.
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