A Close-Price ZigZag Indicator for Line Charts

Summary

The document describes a ZigZag indicator intended for line charts. Its distinguishing input is closing prices rather than the high and low prices commonly used by other chart calculations. The description names one setting, ExtDepth, and says the indicator is optimized for performance, but it does not explain how the depth value determines turning points or how the indicator colors the line.

This is a brief tool description rather than a complete trading method. It gives no entry or exit rules, parameter guidance, chart examples, market coverage, or backtest evidence. A reader can infer that it marks price swings using closes and a depth setting, but cannot determine from this text how much confirmation is required or whether plotted turns can change as new prices arrive. Any use in a strategy would require inspecting the implementation and testing its behavior on the intended data and timeframe.

Key ideas

• The indicator identifies ZigZag movements on line charts using closing prices.
• It uses an ExtDepth setting as its only named input parameter.
• The description does not explain the turning-point calculation or color rules.
• No trading signals, parameter recommendations, or performance evidence are supplied.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.