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A zigzag is a pattern made up of small corners at variable angles, though constant within the zigzag, tracing a path between two parallel lines ; it can be described as both jagged and fairly regular.
The ZigZag is based on the chart “type.” Line and dot charts, which are based on the close, will show the ZigZag based on closing prices. High-Low-Close bars (HLC), Open-High-Low-Close (OHLC) bars and candlesticks, which show the period's high-low range, will show the ZigZag based on this high-low range. A ZigZag based on the high-low range is more likely to change course than a ZigZag based on the close because the high-low range will be much larger and produce bigger swings.