Zig-Zag (Weis Wave)

[robocod]

The Zig-Zag indicator will segment the price action into distinct up-moves and down-moves. The direction of each zig-zag is determined according to the amount of price retracement of the closing prices. Unlike most normal zig-zag indicators, this indicator also generates a histogram which can display addition information according to the display mode. The mode can be Volume, Pips or Time. When the Volume mode is used, this Zig-Zag indicator is equivalent to the Weis Wave (invented by David Weis).

The indicator is available from my blog for a small fee.