HH-LL Zigzag Swings from Repeated Breaks of Highs and Lows

Summary

This indicator builds a Zigzag-style sequence of higher highs and lower lows by requiring a chosen number of breaches beyond the latest trigger bar’s high or low. The breach can be measured using closing prices or intrabar highs and lows. Once a swing is confirmed, that bar’s high and low become the next trigger levels. The script then locates the intervening extreme to connect the swing points and can display labels, lines, breach markers, and projected support or resistance levels.

The number of required breaches is configurable, with a default of three and an available range from one to ten. The author cautions that the most recent points can move as new price action develops; confirmed older markings are treated as fixed, with a later update adding confirmation-based repaint prevention. The document explains the construction process and its repaint behavior, but supplies no measured trading results. It suggests uses such as trend evaluation, support and resistance analysis, and harmonic pattern work; these depend on interpretation of the plotted swings.

Key ideas

• A swing is registered after a configurable count of breaches of a prior trigger level.
• The breach source can be candle closes or highs and lows.
• Each new trigger bar sets the levels used to detect the next swing.
• The script searches between swing points for the intervening high or low.
• Recent Zigzag points may repaint, so historical signals require caution.

Tags

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