Fractal ZigZag (No Repaint) Indicator - MT4
Forex trading can be quite consuming especially without the help of a trustworthy technical indicator. You will require to be certain of your predictions before placing any order since failure to do so will result to losses.
But with Fractal ZigZag (No Repaint) Indicator, you can be guaranteed of precise market predictions. Despite the fact that the indicator is easy to use, it also does not repaint which makes it a special technical indicator for traders.
What does "No Repaint' mean?
If you watch most technical indicators, they will reposition their endpoint to the current market price. A repainting indicator will keep changing its values and its signals cannot be trusted 100% since it could say this and then in the next second, it says something different. In short, a repainting indicator normally uses future data to generate signals.
A No repainting indicator, on the other hand, depends on the previous data to generate their signals. Their predictions do not change when the bar/candlestick closes. This means that the indicator only use the values of the closed bars/candlestick while analyzing the markets. In this way, they give more definite signals which don’t change unless the situation changes.
Therefore, by ZigZag (No Repaint) indicator gives signals that do not change with the close of the current bar/candlestick.
How does Fractal ZigZag (No Repaint Indicator work?
Fractal ZigZag (No Repaint) Indicator generates and displays upward and downward pointing arrows depending on the current market trend. The arrows pointing upwards are blue in color by default while the downwards pointing arrows are red in color.
Fractal ZigZag (No Repaint) Indicator
The blue arrows indicate the end of a bearish trend and the onset of a bullish trend while the red arrows indicate the end of a bullish trend and the onset of a bearish trend. It is that simple.
It is one of the best indicators for Forex beginners since it is very easy to interpret. It does not display too much information that would require an expert to interpret.
By looking at it on a chart, you would certainly know what a great tool it is because if it gives a blue arrow, you are sure there is going to be a bullish trend and vice versa.
The indicator is designed to be used on all timeframes. Therefore, it can be used by any type of trader; it is perfect for the long-term traders as well as the short term traders. They only have to change the timeframes accordingly.
Customizing the Fractal ZigZag (No Repaint) Indicator
Sometimes as a trader, you would like to incorporate your own trading strategy into the technical indicators you are using thus requiring you to alter the setting of the indicator.
Customizing the Fractal ZigZag (No Repaint) Indicator
To change the settings, you simply right click on the chart after uploading the indicator. Then scroll down to the ‘indicator list’ and double click. You will be taken to a dialog box showing the indicators on the currency pair that is currently on your chart. Look for ‘Fractal_ZigZag_Indicator’ and double click. You shall then be taken to the ‘Custom Indicator-Fractal_ZigZag_NoRepaint’ dialog box.
Click on the ‘input’ to view the inputs that you can vary for the indicator. Fractal ZigZag No Repaint indicator has three customizable inputs: CalculateOnBarClose, ZZDepth and ZZDev.
We shall look at the implication of changing each of these inputs and how it can be used:
- CalculateOnBarClose – This input determines when the signal is generated. The value can only be set as ‘false’ or ‘true’. By default, the value is set to true.
When the CalculateOnBarClose = true, it simply means that the signals (which in this case are the red and blue arrows) will be formed once the current bar closes and it does not form while the bars are still shaping up. For No repainting feature, it is important to keep the setting as ‘true’
- ZZDepth – this corresponds to the ExtDepth of the ZigZag. By default, the value is set at 12. Increasing the value will increase the gap between when the signals are generated.
Therefore, if you are short term trader, you should use a lower value and if you are a long term trader you can use a higher value.
- ZZDev – this corresponds to the ExtDeviation of the ZigZag. Changing it does not change the appearance of the signals very much. But it is good to use the default value of 5.
Trading with Fractal ZigZag (No Repaint) Indicator
Using Fractal ZigZag (No Repaint) Indicator to trade is very simple.
Buy orders (long positions)
Buy orders should be placed at the close of the next candlestick/bar after a blue arrow forms.
The order should then be closed when a red arrow forms. Nevertheless, if you want to use risk management strategies, you could set take profit and stop loss levels depending on the trading strategy you are using.
Sell orders (short positions)
Sell orders should be placed at the close of the next candlestick/bar after a red arrow is formed.
The order should then be closed when blue arrow forms. Nevertheless, if you want to use risk management strategies, you could set take profit and stop loss levels depending on the trading strategy you are using.
Placing orders using Fractal ZigZag (No Repaint) Indicator
Table of Contents
- Fractal ZigZag (No Repaint) Indicator - MT4
- What does 'No Repaint' mean?
- How does Fractal ZigZag (No Repaint) Indicator work?
- Customizing the Fractal ZigZag (No Repaint) Indicator
- Trading with Fractal ZigZag (No Repaint) Indicator
- Buy orders (long positions)
- Sell orders (short positions)