Fractal Zigzag Indicator - A cool variant of the standard zigzag indicator

Many traders like to use the zigzag indicator with their trading method. Expecially those who works with elliot waves and chart patterns. I have already posted a better zigzag indicator in another post and you can search for it on this site. The other zigzag indicator is called 'parabolic zigzag'. This version on the zigzag I am posting right now is called the 'fractal zigzag indicator' and it not any better than the parabolic zigzag. The difference with this zigzag indicator is that, it draws the lines, the peaks and the bottoms based on the fractal formation. A fractal is formed when we have 1 high with 2 lower highs on each of its sides for a bullish fractal and a bearish fractal is formed when we have a low with 2 higher lows on each of its sides. However, this fractal zigzag indicator let you change the settings of the fractal depth you want to investigate into. For example you can use a fractal depth of 3 and the fractal zigzag indicator will look only at fractals which has 3 lower values on each side of the new extemum (high or low). I hope that you find this indicator useful. Download the fractal zigzag indicator now.