Many think that 3 level zz semafor is a repaint indicator, but it is not. Although there are many fancy custom indicators out there online, hardly any found which is non-repaint. In this aspect, as 3 level zz semafor does not repaint, so it is awesome.
3 level zz semafor is a zigzag trend indicator. It works with high and low prices of a trend and marks them in 3 semafor. One is short-term, the second one is midterm, and the last one is the long-term trend, so we call this indicator 3 level zz semafor.
Among the 3 semafor number 3 or long term, semafor is the most important one. Therefore, traders and analysts tend to keep a close eye on the long-term trend.
Although 3 level zz semafor is an effective technical indicator, you should not use this one without any other confirmation. This means suppose if your 3 level zz semafor indicator indicates to buy any pair, then just add moving average as a filter to see whether moving average signals buy or not. Likewise, if 2 indicator signals the same direction then just go for it. Otherwise, stay away.
Settings of 3 level zz semafor
The default settings of the indicator are 5,13,34. However, you can change the settings anytime and input the value that suits your trading style.
When to buy
Open a buy position when the market trend is up, and 3 level semafor appears. Remember, the number 3 level will appear below the candle, which is our support level.
Stop loss: just below the bullish candle of the signal
Take profit: use the 1:2 risk-reward method here.
When to sell/sell trade
Open a sell position when the market trend is down, and zz semafor indicator shows point 3 above the bearish candle.
Stop loss: just above the bearish candle of the signal
Take profit: use 1:2 risk-reward method here
Time frame: you can use 4 hours or 30 minutes chart but for getting the best out I will recommend you to trade on 60 minutes chart
For better understanding, I am attaching a chart here.
See how beautifully level 3 appears in a bullish candle, and then the price rose more than 105 pips.
After a strong buy move again, we see a point 3 in a bearish candle. We can predict that a strong sell move is coming. So if we open a short trade just at the closing point of that bearish candle, then we could make 113 pips easily.
Just take a look at how accurate this custom indicator is. Who says that “3 level zz semafor indicator is a repaint indicator” They don’t use it. But, using this indicator, especially with any moving average, you will become a big fan of it.
Caution about 3 level zz semafor indicator
Don’t trade with this indicator if you can’t understand the trend and don’t know whether it is an uptrend or a downtrend. Remember 3 level zz semafor will not work on the choppy market also. So markets like in Asian sessions and bank closing days or when there are fewer movements are not effective with this indicator.
How to install 3 level zz semafor indicator
custom indicator initialization function
Go to file section —open data folder–MQL4 —indicator
Just copy the indicator and paste it here.
Done .now use it free
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