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Fractal Zigzag No Repaint

The Fractal Zigzag No-repaint indicator for MT5 is a fractal and zigzag tool that highlights swing highs and lows. This indicator is a great way to make the most out of your trading experience.

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Description

The Fractal Zigzag No Repaint indicator for MT5 is a non-repaint technical tool that identifies trend reversal zones of the price. It detects optimal zones of swing highs and lows using a fractal and zigzag indicator.

The indicator can help beginner traders to find trend-reversal trading opportunities in the financial markets. Besides, experienced traders can use it as a supporting tool during technical analysis.

Features of the Fractal Zigzag No Repaint Indicator for MT5

The indicator uses fractal zones and zigzag pattern algorithms to identify and highlight swing highs and lows for potential trend reversal. The levels are highlighted with blue and red arrows, depicting swing highs and lows, respectively. The arrows also double as trend reversal signals; the blue arrow suggests a potential bearish reversal, while the red arrow indicates a possible bullish reversal.

Furthermore, the indicator’s parameters are customizable, allowing traders to determine how the indicator identifies swing highs and lows.

Benefits of Using the Indicator

  • Trend Revisal Identification: The Fractal Zigzag No-repaint Indicator for MT5 helps traders to identify optimal zones for potential buying and selling opportunities, which improves trading efficiency. For example, traders may look for buying or selling opportunities when the indicator displays blue or red arrows. However, it is worth mentioning that the indicator isn’t recommended as a stand-alone tool. Traders should use it along with price action/other technical indicators for optimal results.
  • Non-repaint Buy/Sell Signals: The indicator is beginner-friendly; it displays non-repaint buy/sell signal arrows, which enables traders to back-test its performance. This can help traders to identify how to optimize the indicator for better efficiency.

Indicator Settings Description

The indicator comes with the following customizable settings:

CalculateOnBarClose: Enables/Disables calculation on closed candlesticks for analysis.

ZZDepth: Determines the ExtDepth input for fractal calculation.

ZZDev: Determines the ExtDeviation for zigzag pattern identification.

nShift: Determines the distance (in pips) between the arrows and the candlesticks.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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