The ZigZag WS Chanel R v2 is one of the best trend indicators for the MetaTrader platform. This indicator includes two basic technical analysis tools for identifying the market trend conditions.

First, it applies the zig-zag line to show the actual range of the price trend. Second, it connects the swinging highs and lows of the market to show the actual direction of the price movements.

ZigZag WS Chanel is an ideal MT4 indicator for forex trend traders. Besides manual analysis, you can add it to your Expert Advisor (EA) robots for receiving automated trend alert.

How ZigZag WS Chanel R v2 Works?

The ZigZag WS Chanel R v2 highlights the swinging points of the price. Also, it connects the swing high and swing lows of the price that work as trendline support and resistance. With multiple trendlines, this indicator works as a trend-following price channel as well.

This indicator helps you to determine the market trend following the high-low methods. Its main objective is to help you in assessing the best levels for entering the market.

In the above example, this indicator spots C as the lower high compared to the movement from A to B. As you can see, later, the price makes a huge bearish move from C to D.

The red color Zig Zag line helps you to spot the reversal areas of the trend. According to the generally accepted rules, we’ll look for sell opportunities at a lower-high of the market (C). Alternatively, we’ll target executing buy orders from the higher-low of the market.

ZigZag WS Chanel shows an alternative approach to analyze the market without the necessity of using moving average and Bollinger bands. Because it signals the trend direction using its ZigZag line. At the same time, its lower and higher trendline works as the dynamic support and resistance of the price.

Whenever the price intends to rebound from the trendline zone, look for a price action buy/sell signals for possible trade entries. Moreover, you can use the price swinging levels as the stop-loss areas for your active orders.

Furthermore, this indicator also shows numeric states of each trend movement of the price. It includes the average movement ratio, number of price bars, and total number of pips per move.

Conclusion

ZigZag WS Channel is a technical trend indicator that works for all types of forex currency pairs. Besides trend analysis, it also helps you to project the possible target level of the price. Moreover, you can merge this indicator to any MT4 trading strategy for boosting your trading performance.