Zig Zag is one of the most simple technical indicators, using to point local highs and lows on chart. Zig Zag captures significant price rise and drop and draw line through every next high or low.
Zig Zag also applies to fast capturing of significant price movement and also to mark support & resistance levels by simply looking at indicator’s highs and lows.
Furthermore, this Zig Zag version has additional info about length of price movement, displaying at every high or low. Indicator displays also percentage value of price movement relative to previous price movement as an option.
Indicator is available in two versions, for MetaTrader 4 and for MetaTrader 5. You can download full version of indicator for free here.