XigXag

XigXag is a modification of the ZigZag indiactor. This is used in the Xtrader which can be found on the Market place.

ExtDepth=12; Number of bars for the next high or low when calculating ExtDeviation.
ExtDeviation=5; Number of pips higher or lower than previous high or low.
ExtBackstep=3; Minimal amount of bars between highs and lows.

Xtrader uses this indicator to generalize highs and lows for opening and closings positions at a loss.