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ZigZag Indicator filters price movements smaller than specified percentage, showing only significant price changes to help traders identify trends, wave structures, and key support/resistance levels. ZigZag is not predictive, mainly used for post-analysis and chart cleaning.
ZigZag based on price reversal percentage: If price falls more than X% from recent high: Mark that high, start new downward leg If price rises more than X% from recent low: Mark that low, start new upward leg Standard parameter: X = 5% (or 5 points) Note: ZigZag repaints, last leg may change with price
Percentage ZigZag: Based on price change percentage (like 5%)
Point ZigZag: Based on price change in points (like 50 points)
ATR ZigZag: Based on price change in ATR multiples
Time ZigZag: ZigZag incorporating time factor
ZigZag High: Potential resistance level
ZigZag Low: Potential support level
ZigZag Legs: Identifies wave structure of trend
Higher Highs and Higher Lows: Uptrend
Lower Highs and Lower Lows: Downtrend
ZigZag Breakout: Price breaks previous ZigZag high or low
Note: ZigZag repaints, should not be used for real-time trading signals
ZigZag is primarily used for post-analysis, helping identify major wave structures and support/resistance levels. Many traders use ZigZag to apply Elliott Wave Theory or identify harmonic patterns. ZigZag cleans chart noise, making price structure clearer. Important to understand ZigZag repaints; last leg may change with price, so should not be used for generating real-time trading signals. ZigZag is best used for identifying completed price patterns and key price levels.
Filters market noise, clearly displays price structure, helps identify support/resistance, suitable for wave analysis, simplifies charts
Repaints not suitable for real-time trading, not predictive indicator, parameter settings subjective, may ignore important minor fluctuations, only for post-analysis
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