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Published:

2018.10.25 15:31

Fractal_Bar_Indicator.mq5 (14.64 KB) view

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Fractal bar indicator is a signal indicator based on comparing the price and fractals.

There are no adjustable parameters.

Calculation:

If a Close price exceeds the last upper fractal, the green label is placed
If a Close price is below the lower fractal, the red label is placed
Otherwise, the gray label is used

The upper fractal is the one with a High price exceeding the High prices of the two adjacent bars to the left and the two adjacent bars to the right.
The lower fractal is the one with a Low price below the Low prices of the two adjacent bars to the left and the two adjacent bars to the right.

The last detected upper and lower fractals are considered the last ones.

The images below display Fractals indicator on the price chart: