ZigZag Step Points with Extreme Levels and Wave Sizes

Summary

This document describes a ZigZag indicator whose direction changes after price moves by a configurable number of points. It can also draw horizontal levels at the latest high and low extremes, and display the point distance between successive extremes as a measure of wave size. Display colors and other visual settings can be adjusted.

The material is a brief feature description rather than a full specification. It does not explain how the threshold is applied, how confirmed turning points are handled, or how the indicator behaves in different markets and timeframes. No performance evidence or trading rules are provided, so the described output is best understood as a charting aid for identifying swings and measuring their size, not as a tested signal or standalone strategy.

Key ideas

• The ZigZag changes direction after a specified price-point movement.
• Optional horizontal lines mark the latest ZigZag maximum and minimum.
• Wave labels show the point distance between successive ZigZag levels.
• The document gives no performance evidence or detailed rules for interpreting the plotted swings.

Tags

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