for any one like the wave theory and like to count , this good for you
indicator draw from low close point to the next high close point
down side when down candle close lower than the previous up candle open
up when up candle close higher than down candle open
its look like the zigzag indicator but its total deferent from it
it will not change the indication ,
it will show you the real latest resistance or support point
its based on Williams trend definition of waves
you can identify trend brake point with it
note it has 1 bug . some time the color will not change with direction but you can sea the oscillation , it will not draw new line unless new level is broken , and it happen rarely
this is my second indicator , enjoy .