Channel ZigZag Indicator and Swing-Length Statistics

Summary

ChannelZZ is a chart indicator that draws a ZigZag using a channel-based principle. It also displays statistics for each completed swing: the swing's length in points and its length relative to the preceding swing. These measurements can help a trader inspect how successive price moves compare in size, although the document does not define a trading entry or exit rule based on them.

The description notes that a separate ZigZag version omits the channel drawing and gives the indicator's publication history, tracing its initial implementation to MQL4. It offers no test results, parameter guidance, or evidence that the displayed swing statistics predict future prices. As with ZigZag-style tools generally, the document does not explain how the indicator handles unfinished swings, so users should not infer that displayed turning points are necessarily fixed or actionable.

Key ideas

• ChannelZZ draws a ZigZag according to a channel-based principle.
• It reports each swing's size in points and its size relative to the previous swing.
• A separate version provides the ZigZag without channel drawing.
• The description supplies no trading rules, parameter guidance, or performance evidence.

Tags

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