ZigZag Based on Close Prices
ZigZag Based on Close Prices
Based on indicator ZigZag which is in-built in MT4, developed by MetaQuotes.
It is changed slightly so that it isn’t calculated on highest Highs and lowest Lows, but instead uses highest Close and lowest Close of chart price history.
See chart below for differences: ZigZag (red) versus ZigZagClose (yellow).