The ZigZag indicator was developed by Ralph Nelson Elliott, a financial analyst who is known for his work on Elliott Wave Theory, which seeks to predict market trends and prices through a series of wave patterns. However, the ZigZag indicator, as it is commonly used in technical analysis, was popularized by Robert Miner, a trader and author who wrote a book called "Dynamic Trading: Dynamic Concepts in Time, Price, and Pattern Analysis With Practical Strategies for Traders & Investors." The indicator filters out minor price movements and highlights significant price changes. It draws a series of lines connecting the high and low points of an asset's price movements, creating a zigzag pattern. This makes it easier for traders to identify major support and resistance levels and spot potential trend changes.
