Using ZigZag Swings to Detect Breaks of Structure and Character Changes

Summary

This indicator uses the standard MQL5 ZigZag method to identify swing highs and lows, then tracks recent pivots to label market structure. A break of structure (BOS) marks a break continuing the current direction, while a change of character (CHoCH) marks the first break against that direction. The indicator draws a horizontal level and label for each detected break.

Users can set the pivot lookback and the ZigZag depth, deviation, and backstep parameters. Breaks are confirmed using candle closes relative to the relevant swing level, so intrabar price moves alone do not qualify. The text provides a feature description but no performance testing or evidence that these signals predict future price moves. ZigZag pivots can also change as later prices arrive, so the description alone does not establish how stable historical labels are in live use.

Key ideas

• The indicator identifies swing points with standard MQL5 ZigZag settings.
• A BOS label marks a break in the existing structure direction.
• A CHoCH label marks the first break against the prior direction.
• Break signals require a candle close beyond the relevant swing level.
• The description gives no evidence of predictive performance or signal stability.

Tags

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