ZigZag with Labels Indicator

Overview

The ZigZag with Labels Indicator identifies key turning points (pivots) on the price chart and connects them to display clean market structure.
Highlights major pivots (M) for strong reversals and minor pivots (m) for smaller swings.
Helps traders understand trend direction, patterns, and reversal zones effectively.

How the Indicator Works

Detects price points where the market makes significant directional changes.
Filters out market noise and focuses on meaningful swings.
Labels each pivot as M (major) or m (minor) based on depth and strength.
Connects highs and lows to visualize the trend path clearly.

Specification Table Summary

Indicator Categories:

Pivot Points & Fractals Indicators
Levels Indicators
Elliott Wave Tools

Platforms: MT4
Skill Level: Elementary
Type: Lagging & Reversal
Timeframes: Multi-Timeframe
Trading Styles: Scalping, Day Trading, Swing Trading
Markets Supported:

Forex
Cryptocurrencies
Stocks
Indices
Commodities

ZigZag with Labels – Main Uses

Identifying trend direction and market structure
Recognizing major highs/lows and reversal zones
Spotting chart patterns
Mapping key support and resistance
Confirming Elliott Wave counts
Filtering noise for clean analysis

Major & Minor Pivots

In the 15-minute GBP/CHF chart example:
- The indicator marks major pivots (M) at significant trend reversals.
- Minor pivots (m) show smaller market swings.
Helps traders see the dominant trend structure and wave formation.

Recognizing Classic Patterns

In the 1-hour NZD/USD chart:
- ZigZag highlights pattern structures such as:
  - Head and Shoulders
  - Double Tops/Bottoms
  - Ending Channel Patterns
Makes pattern recognition faster and visually clearer.

Support & Resistance Levels

Pivot levels often align with key supply and demand zones.
In the 30-minute EUR/USD chart:
- Major pivots reveal important support and resistance.
- Helps traders map potential breakout or reversal areas.

Elliott Wave Identification

Ideal for Elliott Wave analysis.
In the 1-hour AUD/CAD example:
- The ZigZag detects major highs/lows forming a clear 5-wave bullish pattern.
Provides structure for wave counts without manual plotting.

Input Settings & Controls

Display Settings

Chart & Object Theme: Choose the preferred background style for the chart and all drawn elements.

General Settings

Lookback Candle Count: Uses 1000 previous candles as the data range for all calculations.
Trend Method (ZigZag Candle): Trend detection is performed using ZigZag-based candle logic.
Show First-Cycle Arrows: Disable this option if you prefer not to display arrows during the initial cycle.
Show Order Blocks: Enable this setting to display detected order-block zones.
Order Block Mode: Set the identification method to Aggressive.
Replace Order Block on New Formation: Generates a fresh order block when a new one appears.
Invalidate on Close Beyond: Marks order blocks as invalid when price closes beyond their boundary.
Show ZigZag Labels: When enabled, ZigZag labels will appear on the chart.

Devices Supported

Device Type	Operating System	Compatibility with TradingView
💻 Windows Laptop/Desktop	Windows XP / Vista / 7 / 8 / 8.1 / 10 / 11	✅ Fully supported via app
🍏 MacBook / iMac	macOS 10.15+	✅ Fully supported via app
📱 Android / Mobile	Android OS	❌ Not supported

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