This indicator is a modification of the original ZigZag. I usually used it in GBPUSD with H4 timeframe.

This indicator works best in trending market.

This indicator will show you:

1. When to open combo positions (two positions in one direction)
   
2. Trend confirmation (always use TP and SL)
3. Weekly breakout, Monthly breakout

Red arrow means trend /confirm/iation. Works best when combined with other indicators.