If you are looking for the most sophisticated trading platform that we have nowadays for Forex and other markets, then MetaTrader 5 is the best option. It is not popular for nothing. One of the many reasons why it is loved by a lot of traders is its capability to support technical indicators that are complex but very useful in trading. It even has the ability to develop custom ones using its programming language, the MQL5.
Another factor that contributes to the popularity of MT5 is its trading indicators which are very helpful in predicting the price movement in the future. The most used indicators in MetaTrader 5 are The Alligator, The Zigzag, and The Money Flow Index.
The Zigzag Indicator
The first stop is the most used and basic indicator in MT5 — The Zigzag. This indicator helps traders and analysts in determining the time when the security’s price will reverse. The Zigzag indicator helps mark the support and resistance areas. This means that this indicator helps in finding out the stronger areas for the buyer or seller. By doing so, this indicator identifies changes that may take place on the trend. It is called The Zigzag indicator because its shape appears in a zigzag form
When it comes to the indicators in this software, it greatly helps traders in doing a quick research of the price movement that has recently happened. It also helps in detecting patterns in trends and even tries to predict occurrences. There are a lot of indicators that are already pre-installed in MetaTrader 5 (MT5) and there are also others that can be downloaded from the internet. But the three most-used and popular indicators in this trading platform are the Zigzag
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