ZigZag Close Indicator: Swings Built From Closes

Written by Dominic Walsh · Published 17 Jul 2026 · Last updated 9 Sep 2026

The zigzag close indicator moves the whole calculation onto closes. Depth, deviation and backstep all read the close series rather than the highs and lows. The result marks closing-basis structure and ignores wick noise entirely. Optional dots show what the wick version would have found.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	3: ZigZag Close, Wick Pivot High, Wick Pivot Low
Alerts	popup, push notification, email, sound
Inputs	12

What the Zigzag Close Indicator draws on the chart

ZigZag Close is the dark turquoise section line joining closing pivots.

Wick Pivot High and Wick Pivot Low are orchid and sandy brown dots.

Those dots come from the same algorithm run on highs and lows instead.

`ShowWickPivots` turns the comparison off when you only want the line.

• ZigZag Close: section, dark turquoise, width 2
• Wick Pivot High: arrow, orchid, width 1, arrow code 159
• Wick Pivot Low: arrow, sandy brown, width 1, arrow code 159

How the Zigzag Close Indicator calculates its values

Three passes over the closes

Pass one finds the lowest and highest close over a `Depth` `9` window. Pass two keeps only the most extreme candidate per leg, so highs and lows alternate. Pass three applies the size gate.

Pruning near neighbours

`Backstep` `3` removes weaker candidates already mapped within three bars of a stronger one. Without that step a shallow stretch produces a cluster of near-identical pivots, and the line turns into a scribble.

The size gate

dev takes `Deviation` `8` times Point. A new pivot of the opposite type must span at least that distance on a close-to-close basis. Legs below it never join the line.

How to read the signals

The turquoise line marks where closes turned, not where wicks did.

Dots away from the line show you exactly what the wick version would add.

A close-based ZigZag is steadier through spiky sessions.

Raise `Depth` for a coarser line covering only the larger structure.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

`EnableAlerts` starts on and `EnablePopup` carries the text. `EnablePushNotify`, `EnableEmail` and `EnableSound` begin false. `SoundFile` picks the clip. Pivots confirm on closed bars, and the guard allows one message per bar.

Every Zigzag Close Indicator input

Core settings

Setting	What it does	Default
Depth	Depth: bars in the close extreme window. Bars in the close extreme window, default `9`.	9
Deviation	Deviation: min swing size (points, close basis). Smallest accepted leg in points, close to close, default `8`.	8
Backstep	Backstep: bars to prune around a candidate. Bars pruned around a stronger candidate, default `3`.	3
WickDotOffsetPoints	Dot offset from the wick (points). Dot distance from the wick in points, default `15`.	15

Display settings

Setting	What it does	Default
ShowWickPivots	Show wick-based pivots as dots. Draws the wick-based comparison dots, default `true`.	on

Alert settings

Setting	What it does	Default
MaxBars	History depth to compute (0 = all bars). History depth computed, default `3000`.	3000
EnableAlerts	Master switch for the closing pivot alerts, default `true`.	on
EnablePopup	Terminal dialog on a confirmed closing pivot, default `true`.	on
EnablePushNotify	Phone push on a closing pivot, default `false`.	off
EnableEmail	Mail delivery on a closing pivot, default `false`.	off
EnableSound	Sound playback on a closing pivot, default `false`.	off
SoundFile	Wav clip for the pivot alert, default `alert.wav`.	alert.wav

Settings that fit your chart

Closing-basis structure matters most where wicks are long and misleading. EURUSD H1 is the reference chart, where `Depth` at `9` covers most of a session. On M5 closes and wicks rarely differ much. On H4 and daily the two versions can disagree noticeably.

When the Zigzag Close Indicator fails

Ignoring wicks also ignores where price genuinely traded during a bar.

`Deviation` `8` counts points, so it needs resetting for each instrument.

The newest leg stays provisional, as with any ZigZag construction.

Copy the compiled Zigzag Close Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Background reading on the method behind the Zigzag Close Indicator: Capital market on Wikipedia, Median Price at StockCharts ChartSchool.

Download the Zigzag Close Indicator for MT4 and MT5

The zip holds the compiled Zigzag Close Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

Why build a ZigZag from closes?

Because a wick can set a pivot at a price nobody closed near. Running `Depth` `9` over the close series marks structure that survived to the end of the bar. On instruments with long tails the two versions look quite different.

What does Backstep at 3 prune?

Weaker candidates that already sit within three bars of a stronger one. In a shallow stretch several bars can each look like a pivot. The backstep keeps the best and discards the rest, which stops the line scribbling.

What are the Wick Pivot High dots for?

Comparison. They run the same algorithm on highs and lows instead of closes, so the difference between the two views is visible at a glance. Turn them off with `ShowWickPivots` once you have made up your mind.

How is Deviation at 8 measured?

In points, close to close. On a five-digit EURUSD feed that is eight tenths of a pip, which is a small gate. Raise it substantially on gold or an index, where eight points is nothing at all.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Zigzag Close Indicator as one input. Always backtest before trading live.