MTF Zigzag with Three Level Indicator for MT4

Price fluctuation is a very important price point that traders should pay attention to. This is because these levels are areas that can act as support and resistance zones. The MTF three-tier Zigzag indicator helps traders spot valid price changes by enhancing the classic Zigzag indicator.

What is MTF zigzag with three level indicator?

The Zigzag Three Level MTF is an indicator that helps traders to objectively identify and monitor price movements by showing price swing highs and swing lows. It improves on the Zigzag indicator which is based on identifying three levels of price action oscillations instead of just one.

This indicator automatically identifies swing highs and swing lows and labels swing highs and swing lows with numbers based on the time frame they are based on. It shows “1” when the swing point is based on the current time frame, “2” when the swing point is based on the 1 hour time frame, and “3” when the swing point is based on the 4 hour time frame – Based on the time frame.

MTF Zigzag with Three Level Indicator uses the same algorithm as Zigzag Indicator. It detects swing highs and swing lows based on price swings moving against previous momentum price swings crossing a certain percentage threshold.

However, this indicator does not stop with just one level of detection of price fluctuations. Instead, the same process is repeated for the current timeframe, 1-hour chart, and 4-hour chart. Then the swing points are numbered based on the time frame the swing point originated from.

How to use MTF Zigzag with three level indicators for MT4? Zigzag MTF with three-level display has several options that can be changed in the display settings.

How the MTF zigzag works with a three-tier display

“Depth” refers to how far back in historical data the indicator will look for price fluctuations.

“Difference” refers to the percentage threshold that a price fluctuation qualifies as a valid swing point.

“Backstep” refers to the minimum number of bars at which the indicator will see a swing high or a swing low.

 

“GrossPeriod”, “GrossPeriod2” and “GrossPeriod3” change the time frame on which price fluctuations are based. When set to zero, the indicator will detect price fluctuations in the current time frame. The variable used for this indicator is in minutes, so the user should change the timeframe to minutes when selecting the timeframe.