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Fractal Levels 3 AM Ind MT4

FREE

Published: 23 September 2024

Current version: 1.0

Fractal Levels 3 AM Ind MT4

A fair assessment, reviews and comments are the best gratitude to the author of this product for the work done.

I would be glad to receive any constructive suggestions and comments.

The presented indicator is the author's implementation of the classic Fractals indicator.

Fractals are a technical indicator developed by Bill Williams, allowing you to determine a trough or a peak on the chart of the financial instrument in question.

A fractal consists of candles, the middle of which is either the highest (up fractal) or the lowest (down fractal) of all the candles taken for analysis.

Unlike the original indicator proposed by Bill Williams, where fractals are formed by five candles (maximum/minimum in the center and two candles with smaller/larger maximum/minimum values on each side), the proposed version of the indicator allows you to independently configure the number of candles on each side of the central candle to identify the fractal.

Also, the proposed indicator identifies three different types of fractals simultaneously (the parameters of each fractal are defined by the user).

In general, the presented indicator:

Analyzes figures that are formed on the price chart.
Based on the analysis results, the indicator identifies three types of fractals and marks them on the price chart.
Having detected a fractal, the indicator sets a support/resistance level that will be displayed until the current price (either the maximum/minimum price or, at the user's choice, the closing price) exceeds its value.

The indicator is an excellent assistant for setting pending orders for entering/exiting a transaction, and also allows you to visualize trends of three different time periods on the price chart (in accordance with the parameters of the three types of fractals selected by the user).

The indicator is aimed at experienced traders familiar with technical analysis using fractals.

Configurable parameters:

Price_for_fractal_identification - Selecting a price for fractal identification;
Price_for_level_breakout - Selecting a price for identifying the point where the price breaks through the support/resistance level;
Type_Levels Levels_1 - Select a format for displaying the support/resistance level for first-level fractals (as dots, lines, or without display);
L_Bar_1 - the number of candles to the left of the first-level fractal required for its identification;
R_Bar_1 - the number of candles to the right of the first-level fractal required for its identification;
Type_Levels Levels_2 - Select a format for displaying the support/resistance level for second-level fractals (as dots, lines, or without display);
L_Bar_2 - the number of candles to the left of the second-level fractal required for its identification;
R_Bar_2 - the number of candles to the right of the second-level fractal required for its identification;
Type_Levels Levels_3 - Selecting the format for displaying the support/resistance level for third-level fractals (as dots, lines, or without display);
L_Bar_3 - the number of candles to the left of the third-level fractal required for its identification;
R_Bar_3 - the number of candles to the right of the third-level fractal required for its identification.

Best wishes,

Andriy Matviyevs'kyy

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