ZigZag Color (Classic)

Category: market_structure, trend

A trend-filtering indicator that connects local highs and lows based on specific depth, deviation, and backstep criteria, visualized with colored segments to distinguish between bullish and bearish swings.

Formula

Highs = max(High, ExtDepth) \text{ filtered by } ExtDeviation; Lows = min(Low, ExtDepth) \text{ filtered by } ExtDeviation; Segments colored by current swing direction.

Inputs

• ExtDepth (default: 12)
• ExtDeviation (default: 5)
• ExtBackstep (default: 3)

See signal primitives, usage in published strategies and more on WOBR StrategyVerse.