ZigZag Free is a cTrader indicator designed to identify and mark significant swing pivot highs and lows on price charts. It connects these confirmed pivots with a clear line, facilitating market structure analysis such as higher highs, higher lows, lower highs, and lower lows. This tool aids in drawing channels, trendlines, and recognizing swing patterns including impulse and correction sequences.
The indicator operates by tracking current swing extremes and confirming new pivots when price reverses by a user-defined deviation threshold after a minimum number of bars (backstep) have passed since the last pivot. Confirmed pivots are plotted as points and connected by the ZigZag line, which does not repaint. Optionally, the last leg of the ZigZag can be visually extended to the current bar for live updates.
Key adjustable parameters include deviation units (pips or percent), deviation value, backstep bars, price mode (high/low or close), and whether to extend the last leg. Outputs include the ZigZag line values and separate points for high and low pivots, suitable for use in automated trading systems or further indicator development.
ZigZag Free is compatible with all symbols and timeframes on modern cTrader platforms, supporting markets such as Forex, commodities, indices, stocks, and cryptocurrencies.