Fractal Overcome

Indicator Description

The indicator shows the breakout of the last fractal in real time. It considers the buy fractals above the balance line and sell fractals below the balance line (according to the Bill Williams' strategy), and also the fractals that are independent of the balance line. The direction and the distance of the fractal level breakout are displayed in real time. When a candle closes outside the suitable fractal, the levels of the specified offset, the distance to the candle closure and the distance to the candle High are displayed on the chart. The arrow of the supposed trend is also displayed. In the case of a false breakout (price returns behind the fractal level), a corresponding arrow is displayed on the chart.

At startup the indicator scans the available memory once. Further operation is performed only on the real time data.

The basis of the strategy of using the indicator:

According to the "Profitunity" strategy of Bill Williams, it is necessary to find the buy fractal first, which must be located above the balance line (Alligator's Teeth, red line). This fractal is the entry level. That is, when there is an upward breakout of this fractal, open a buy position. And while the Alligator is in the hungry state and the market is above the fractal, you may add buy positions using all five dimensions. As the trend develops, there will be new buy fractals on the chart, the level of which can also be used for opening new positions in order to maximize the profit. To sell, it is necessary to focus on the fractals below the balance line.

The indicator settings:

• Good Arrow color - color of the trend direction arrow during a fractal level breakout
• Good Arrow width - size of the trend direction arrow during a fractal level breakout
• Bad Arrow color - color of the false breakout arrow
• Bad Arrow width - size of the false breakout arrow
• Range Start Color - color of the offset zone from the fractal level to the offset level
• Range Close Color - color of the zone from the offset level to the candle closure level
• Range High Color - color of the zone from the candle closure level to the candle High level
• Breakout Shift - offset from the fractal level to the breakout (in points)
• Must it use the Balance Line? - use the balance line when considering fractals?
• true - use
• false - do not use
• Must it use the Push Notification? - use Push-notifications to the MetaQuotes ID?
• true - use (the MetaQuotes ID must be specified in the terminal settings)
• false - do not use
• Must it use the Alert Notification? - use Alert notifications?
• true - use (a message with a sound will be displayed))
• false - do not use
• Must it use the Mail Notification? - use E-Mail notifications?
• true - use (the corresponding field must be filled) in the terminal settings)
• false - do not use
• Is it used in tester? - is the indicator being used in the strategy tester?
• true - prices of the strategy tester are used. The Ask price is missing, but the indicator works correctly in the tester. It can be used in real-time quotes, but without the Ask prices
• false - the Bid and Ask prices from the quotes stream are used. In this mode the indicator will work incorrectly in the strategy tester.