This page lists costumed villains from the original 12 issues of Watchmen and Watchmen Sourcebook, Watchmen Companion (Watchmen: Taking Out the Trash, Watchmen: Who Watches the Watchmen?). This does not include characters from the Snyder, DC, or other material versions.
The main criterion for a costumed villain is that it is reliably known that in the original materials he wears a villainous costume or image. The list does not include villains mentioned as costumed in other canons (DC or Snyder), unless they are mentioned as costumed in the original.
Also, ordinary antagonists or ordinary criminals are not considered costumed villains.
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