Zigzag Swing Modes, Fibonacci Levels, and Live Leg Coloring

Summary

This Zigzag variation offers an oscillator-style display of swings and a HighLow mode that follows swing prices. The oscillator presentation is not a bounded oscillator: it maps swing extremes into a visual oscillation. In HighLow mode, the tool adds Fibonacci retracement levels and dynamically scales the most recent and current swing extremes to keep the display visually legible as prices change.

Both modes draw the developing, unconfirmed leg using a user-selected price series, such as open, close, high, low, weighted, or typical price. Colors indicate bullish or bearish conditions and divergences, while significant volume in either direction can override the leg’s color. The document describes visualization behavior and customization, not a standalone entry or exit strategy. Because the latest leg is explicitly unconfirmed and tracks live prices, its shape and color may change before the swing is established; no backtest or performance evidence is provided.

Key ideas

• The indicator has oscillator-style and price-based modes for displaying Zigzag swings.
• Its oscillator display has no fixed range and should not be interpreted as a conventional bounded oscillator.
• HighLow mode adds dynamically scaled Fibonacci retracement levels around recent swing extremes.
• An unconfirmed current leg tracks a selectable price series and can change as new prices arrive.
• Price direction, divergence, and significant volume affect the current leg’s color.

Tags

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