What it does
Zig Zag filters out minor price fluctuations by drawing straight lines only between significant swing highs and swing lows. A new pivot is drawn only after price reverses by more than a set deviation threshold (for example 5 percent) from the last pivot, so the line ignores every move smaller than that. It is a visual tool for seeing market structure, wave patterns, and swing points rather than a signal generator.
Typedraws on the price chart
How to add it
Click Indicators (ƒx) in the header.
Search “Zig Zag” and click the result.
Hover its legend row and click the gear to open settings.
How traders use it
- Use it to identify swing highs and lows for support and resistance, trendline anchoring, and Elliott Wave or harmonic pattern counting.
- Rising Zig Zag pivots (higher highs and higher lows) confirm an uptrend; lower highs and lower lows confirm a downtrend.
- Tune the deviation setting to the timeframe: larger values (5 to 10 percent) for daily charts, smaller values for intraday charts, so only meaningful swings are kept.
- Combine with Fibonacci retracements or volume at swing points to plan entries near confirmed pivots rather than trading the line itself.
Inputs
| Input | Type | Default | Range / Options |
|---|---|---|---|
| Deviation | number | 5 | 0.001–100 |
| Depth | number | 10 | 2–1000 |
Plots & styling
| Plot | Style | Default color |
|---|---|---|
| Zig Zag | line | #2196F3 |
Every plot's color, line width and visibility can be changed on the Style tab. Precision, price-scale labels and status-line values are configurable at the bottom of the Style tab.
Tips
- Use Add to favorites in the legend menu; starred studies surface at the top of the picker.
- The legend eye toggles it off without losing your settings — handy for before/after comparisons.
- Its price-scale label can be switched off per-indicator at the bottom of the Style tab if the axis gets crowded.
Watch out for
- The last leg repaints: the most recent pivot is not confirmed until price has reversed by the full deviation amount, so the newest segment can change or disappear.
- It is a descriptive, backward-looking tool; treating unconfirmed pivots as trade signals leads to entries that look perfect in hindsight but were never available in real time.