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fractallevels.mq5 (12.11 KB) view

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Real author:

lotos4u

Basic difference of the indicator from the standard B. Williams' fractals are as follows:

There is a possibility to select any fractal "shoulder" size (i.e. the number of bars to the left and to the right necessary for forming the central bar fractal). Right and left shoulders can be set separately (RightBars and LeftBars parameters). For example, if both shoulders are set to 3, seven candlesticks will be necessary to form a fractal.
Horizontal lines are created from each formed fractal. These lines form a sort of "fractal" support/resistance lines.
Fractals themselves are displayed as diamonds, but the fractals, towards which a breakout occurs, are displayed as large colored dots.

This indicator was first implemented in MQL4 and published in Code Base at mql4.com 17.08.2008.

Fractal Levels

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/732

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FractalLevels - indicator for MetaTrader 5