ZigZagAutoChannel

ZigZag AutoChannel combines a classic colored ZigZag with fully automatic equidistant channel drawing, requiring no manual work.

The ZigZag detects confirmed market highs and lows based on three adjustable parameters (Depth, Deviation, Backstep), and colors each leg according to its direction: blue for a bullish leg, red for a bearish leg.

As soon as a new pivot is confirmed, the indicator automatically draws an equidistant channel, built exactly as if drawn manually in MetaTrader: the baseline passes through the two most recent confirmed pivots of the same type (two consecutive lows or two consecutive highs), while the intermediate pivot sets the channel width. The channel is only redrawn when a new pivot appears, avoiding flicker on every tick.

The indicator works reliably even on symbols with gaps in history (indices, weekends, holidays), since all calculations are based on bar indices rather than time differences.

Key features:

• Colored ZigZag based on leg direction
• Automatically drawn and updated equidistant channel
• Adjustable number of recent channels displayed
• Customizable channel color, style and width
• Optional right extension of channel lines
• Simultaneous display of channels from other timeframes (M1, M5, M15, M30, H1, H4, D1, W1, MN1), each with its own color
• Alert (popup + push notification) when price touches or breaks a channel border
• Settings saved independently for each timeframe

A second, fully horizontal channel is drawn from the ZigZag's last swing high and swing low. It automatically projects a support/resistance zone to the right, complementing the sloped channel, across all enabled timeframes.

A practical tool for traders who rely on equidistant channels in their technical analysis, without having to manually redraw them every time a new pivot forms.