In this paper, a new stereo matching algorithm is proposed which uses th econstrainted optimization technique and the matching measures between the segments extracted from zero-crossing edges. The initial matching measures and average disparities are calculated by the features of segments on the searching window of the left and right images. The matching measure is calculated by applying an exponential function using the differences of slope, overlapped length and intensity. The coherency constraint is that neighbouring image points corresponding to the same object should have nearly the same disparities. The matching measures are iteratively updated by applying the coherency constraint. Simulation results on various images show that the proposed algorithm more acculately extracts the segment disparity.