Fractal Levels 3 AM Ind MT4
- Göstergeler
- Andriy Matviyevs'kyy
- Sürüm: 1.0
The presented indicator analyzes the patterns that form on the price chart.
Based on the analysis results, the indicator identifies fractals and marks them on the price chart.
Based on the fractals marked on the price chart, the indicator builds support/resistance levels.
The indicator is aimed at experienced traders familiar with technical analysis using fractals.
Fractal is a technical indicator developed by Bill Williams that allows you to determine the bottom or top on the chart of the financial instrument in question.
A fractal consists of candles, the middle of which is either the highest (upward fractal) or the lowest (downward 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 indicator version 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).
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 trade, 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).
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.