The zig zag indicator is a simple way to ignore retracements less than a given X percentage.
When prices are rising, a line is drawn up from the previous low to the latest high. Pullbacks smaller than the given X% are ignored. The trend is only considered to have turned down when a point X% below that latest high is penetrated. Then a down line is drawn, it in turn continuing until a reversal of more than X% above the last lowe occurs. The result is a kind of zig zag, ignoring small moves, small according to the X%.
For the last line segment, at the right of the chart, the line is drawn to the high (or low) then horizontally to the edge of the screen. The horizontal part means there hasn’t yet been a retracement of X% from that level shown.
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Chart is free software; you can redistribute it and/or modify it under the terms of the GNU General Public License as published by the Free Software Foundation; either version 3, or (at your option) any later version.