ZigZag Volume is a volume analysis indicator based on ZigZag price structure.

It is designed to measure how much volume is actually accumulated inside valid trend swings, rather than showing raw bar by bar volume noise.

Core idea

Traditional volume displays every bar equally, which often makes it difficult to judge real trend participation. This indicator uses ZigZag structure to filter out minor price fluctuations and only accumulates volume during confirmed trend legs. This makes trend strength and exhaustion much easier to observe.

Logic overview

The indicator identifies trend direction using a percentage based ZigZag algorithm.

When price moves beyond the defined percentage threshold, a new swing is confirmed and the trend direction is updated.

If the current trend is upward, the indicator accumulates volume from the last downward pivot to the current bar.

If the current trend is downward, the indicator accumulates volume from the last upward pivot to the current bar.

Whenever the trend reverses, the volume calculation resets and starts a new accumulation cycle.

Visualization

Uptrend volume is displayed as a rising histogram during bullish swings.

Downtrend volume is displayed as a histogram during bearish swings.

The indicator is plotted in a separate pane for clear comparison between different trend legs.

How to use

This indicator is best used as a trend strength and structure confirmation tool.

Increasing volume during a trend leg suggests healthy participation.

Decreasing volume while price continues to move may indicate trend exhaustion or weakening momentum.

Comparing volume across different swings can help identify whether a new move is stronger or weaker than previous ones.

It is recommended to use this indicator together with market structure, moving average trend filters, or order block analysis. It is not intended to be used as a standalone entry signal.

Parameter

Percentage

Controls the sensitivity of the ZigZag structure.

Lower values produce more frequent swings and higher sensitivity.

Higher values filter out noise but result in fewer, slower trend changes.