What is ZigzagColor Indicator?
ZigzagColor is an MT5 chart indicator that connects filtered swing highs and lows with colored ZigZag legs. Depth, deviation, backstep, colors, labels, and history settings control the visible structure.
Different leg colors help separate the displayed swing directions for chart review. The drawing is historical context and does not establish a future reversal or continuation.
How to Use It in Practice
ZigzagColor draws blue legs for upward swings and red legs for downward swings. It otherwise follows the standard ZigZag calculation, so a latest high or low can redraw the unfinished swing.
- Read the blue and red legs as the currently identified swing sequence, then compare their turning points with nearby price structure.
- Set ExtDepth, ExtDeviation, and ExtBackstep to change the minimum movement, reversal proportion, and bar spacing used by the ZigZag calculation.
- Treat the newest turning point as provisional until later candles establish it, because the unfinished swing can redraw when an extreme is updated.
Swing structure is simplified into colored legs, filtering settings manage small fluctuations, and labels support quick chart review.
MT5 Indicator Parameters
The screenshot above shows the default input parameters in the MT5 settings window.
| Parameter | Description |
|---|---|
| ExtDepth | Defines how many bars are considered when determining swing highs and lows. A higher value filters out smaller price movements and shows only major swings. |
| ExtDeviation | Specifies the minimum deviation (in points or percentage) required for a new zigzag leg to form. This controls sensitivity to price fluctuations. |
| ExtBackstep | Sets the minimum number of bars between two consecutive swing points. It prevents too frequent reversals from appearing on the chart. |
