If the goal is to match QCharts AutoWave ZigZag functionality, then this is the only ThinkScript indicator for ThinkorSwim that does it.

This indicator duplicates the AutoWave ZigZag feature from QCharts.

But ThinkorSwim already has a ZigZag indicator.

Yes, it does; and it can get close to matching the QCharts AutoWave, but it cannot duplicate it. Take a look at the video below. After experimenting a great deal with the settings, the ZigZagHighLow can be made to closely match the AutoWave.

Everything looks great until the chart is scrolled back, or the symbol is changed, or the time-frame is changed. The ZigZagHighLow settings must be adjusted for each ticker symbol and every change made to the chart.

If the goal is to match QCharts AutoWave ZigZag functionality, then this is the only ThinkScript indicator for ThinkorSwim that does it.

The location and color of the price change labels may be adjusted from within the script settings panel.