Candle ZigZag for Flat Price-Action Analysis
Summary
Candle ZigZag is described as an indicator that changes the direction of its current leg when a candlestick changes color. It supports a period setting of 1, which the note says the default ZigZag example does not handle. The indicator is presented as a way to inspect price movement in a flatter, candle-based view rather than the curved appearance of a line chart.
A close-mode option can be enabled or disabled, changing how the indicator is displayed or calculated, though the document does not define the mode’s precise effect. It offers no signal rules, parameter guidance beyond the period-1 distinction, performance evidence, or risk discussion. The description is therefore useful as a brief explanation of chart behavior, but it does not establish a trading strategy or show that the indicator improves decisions.
Key ideas
- The indicator changes its ZigZag leg when candle color changes.
- It supports a period setting of 1, unlike the cited default example.
- It is intended to show price movement in a flat candle-based view.
- Close mode is optional, but its effect is not explained in detail.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.