Zig Zag Indicator (ZIG, ZZO)

The Zig Zag Indicator is a series of trendlines that connect significant tops and bottoms on a price chart. The Minimum Price Change parameter specifies the percentage that the price must move in order to form a new zig or zag leg. It can be used to identify potential chart patterns and Elliot Wave formations.

The Minimum Price Change setting of the Zig Zag and Zig Zag Oscillator indicators can be expressed in absolute dollars ($) in addition to percent (%)

Presentation

zigzagChart

Above is a Daily Bar Chart of Real Networks (RNWK) . The Zig Zag indicator overlays the bars, drawn as successive black trendlines using the preferences seen below.

Keyboard Adjustment

The Zig Zag Minimum Percent Change value can be adjusted directly from the keyboard without having to open up the preferences window. Just select the indicator and then hit the up or down keys on your keyboard to adjust the value by 1. To adjust the value by a smaller increment of 0.1, hold down the shift key while pressing the up or down arrows on the keyboard.

zigzagPrefs

  • Price -Price used as input for the calculations (Close, (High+ Low)/2, etc.)

  • Minimum Price Change (%) -Percentage that the price must move in order to form a new "zig" or "zag".

  • Draw Reference Lines At - This allows for the drawing of reference lines on each leg of the Zig Zag, at a user-specified % change level from the base of the leg.

  • Label With - the ability to label each leg of the endline.

No examples. Let us know if you'd like to see one added.
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