The indicator is a broken line connecting local maximums and minimums on the price chart, so it can be conveniently used to analyze price charts.
Traders who use Elliott waves in their trading frequently use the ZigZag indicator to identify waves. The indicator will also be useful for determining the current trend and plotting a trend line.
Indicator settings
Parameters
Name | Description |
Depth | Depth is a parameter that sets the minimum interval at which the indicator will build a new extremum if the condition for the Deviation parameter is met. Measured in the number of candles, the default value is 12. |
Deviation | Deviation sets the minimum amount of price change required for the indicator to form a maximum/minimum on the symbol chart. Measured as a percentage, the default value is 5. |
Backstep | Step is the minimum number of candles that should be between local extrema. A new minimum/maximum will not be built on this section if it differs from the previous one by the value of the Deviation indicator. The default value is 3. |
Charts
Name | Description |
Chart | Enable or disable display of the chart. |
Marker | Enable or disable display of the marker. |
| Chart type | Selection of the type of chart. |
| Split color | Possibility of splitting the color in the chart. |
| Color | Selection of the chart color. |
| Line width | Selecting the chart line width. |
| Line style | Selecting the chart line style. |
Indicator
Name | Description |
Indicator | Enabling or disabling the indicator display on the chart. |
Name | Enabling or disabling the indicator name display in the information line. |
Values | Enabling or disabling the indicator value display in the information line. |
Markers | Enabling or disabling the indicator markers display on the scale. |
| Calculation | Select when the calculation will be performed. |
Area | Selection of an area to display the indicator. |