As you know, the standard Zig-Zag indicator draws waves of the current TF based on lows and highs, the algorithm for drawing waves has been slightly changed in this indicator.
Zig Zag Channel builds waves ignoring smaller price fluctuations, which results in a clearer situation on the chart.
Also, along with the waves, the indicator also builds channels for a more complete visualization of the picture.
Example on a 4-hour chart
The Zig Zag Channel indicator works on any trading pair and TF, in the settings you can set the standard parameters and the color of the lines. This modification is installed and works in the MT4 terminal.
You can download the indicator for free from the link below!