MetaStock -> Tools -> Indicator Builder -> New
-> Copy and paste formula below.


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ZigZag - Hi/Lo
==============
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{ High/Low ZigZag v1.0 }
{ Plot on price chart }
{ ©Copyright 2004 Jose Silva }
{ http://www.metastocktools.com }

pr:=Input("ZigZag reversal amount",
 0.001,100000,5);
choose:=Input("[1]Hi/Lo ZigZag,  [2]Close ZZ,  [3]Peaks/Troughs",1,3,1);

pk:=PeakBars(1,H,pr)=0;
tr:=TroughBars(1,L,pr)=0;
pktr:=pk-tr;

zz:=Zig(C,pr,%);
zzHi:=Zig(H,pr,%);
zzLo:=Zig(L,pr,%);
avg:=(zzHi+zzLo)/2;

x:=
If(pk,zzHi,If(tr,zzLo,If(avg>Ref(avg,-1),H,L)));
zzHiLo:=Zig(x,pr,%);

If(choose=1,zzHiLo,If(choose=2,zz,pktr))

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