This is an update of ZigZagUTC (note the spelling change), rewritten from scratch.

This is a modified version of the ZigZag algorithm described verbally on page 39 of _The Ultimate Trading Guide_ by John R. Hill, George Pruitt, and Lundy Hill published (2000) by John Wiley and Sons, Inc, ISBN 0‐471‐38135‐7

Instead of using an arbitrary pullback amount to identify a swing high or a swing low, Hill et al use a more objective definition: A swing high bar is the highest high prior to penetration of the low of that highest high bar. A swing low bar is the lowest low prior to penetration of the high of that lowest low bar.

This indicator simplifies the above rule by amending "low of the highest high bar" to "low of the prior 'Span' bars" where Span is a sliding window 'Span' bars wide for calculating the recent high or low to be penetrated.

When Span=1, the indicator behaves pretty much as described in the book except when a swing bar is followed by inside bars. When span=6, this indicator matches Larry Williams' zigzag as described in his "Money Tree" course.

The RequireCloseBreakout parameter forces the indicator to require that a bar's closing price (not just any price) penetrate the recent high or low to confirm a new pivot.

This indicator has a number of public properties that can be accessed from other indicators.