Simple Forex ZigZag trading strategy is a system for the MT4 platform that uses just one indicator but has approximately 75% profitability when tested as an EA.
Simple Forex ZigZag trading strategy pairs and mql indicator
For Simple ZigZag trading strategy you will need just one classical indicator, a ZigZag indicator . You can easily find this indicator in MetaTrader 4 platform, but we have included it in the download section just in case.
Recommended pairs to use with this strategy are GBPUSD , EURUSD ,USDJPY , USDCHF on 1H or 4H time frames.
How to trade with MT4 simple ZigZag strategy
Once you have prepared your MT4 for trading with Simple ZigZag trading strategy then you have to wait for trading signals to open pending orders, it will be a buy stop order or sell stop order. After identifying the signals you’ll have to place pending order, set stop loss, take profit, or trailing stop levels.
It‘s comfortable to use this strategy because we need to place 2 pending orders just once per day. We have to place orders every midnight and delete them at Friday night before market closing and on Monday we start placing orders once again. And so on. Sometimes all orders are triggered.
Conditions to buy: At midnight 00:00 time (strategy was created by GMT+2 ). Place buy stop order on the ZigZag highest peak.
Conditions to sell: At midnight 00:00 time (strategy was created by GMT+2 ). Place sell stop order on the ZigZag lowest point.
Stop loss, take profit, trailing stop: Stop loss level should be set instantly after placing an order. The recommended stop loss is 20 pips. Take profit level should be set instantly after placing an order. Recommended taking profit 50-100 pips. The recommended trailing stop is 5 pips.
How to download and install an indicator?
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the post.
- Save the file to your computer.
- Extract and move the files into MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Simple Forex ZigZag trading strategy” template to apply it on the chart.
Note: This indicator was developed by T. Morris. AtoZ Markets does not carry any copyrights over this trading tool.