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Indicators

X-bars Fractals - indicator for MetaTrader 5

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6706
Rating:
votes: 21
Published:
2013.01.07 15:45
Updated:
2016.11.22 07:32

It differs from fractals indicator in the following:

  • allows drawing fractals with any number of bars on either side of the fractal;
  • allows drawing the so-called asymmetric fractals by displaying different number of bars on the left and the right of the extremum.

The fractal with sides 10 (left) and 5 (right):

X-bars Fractals (leftSide =10, rightSide = 5)

Recommendations:

  • The indicator with a large parameter sides perfectly defines global minimum / maximum, which can be a significant support / resistance levels, as well as be one of the points ro draw trend lines (which, for example, was used in the indicator of automatic trend lines);
  • Asymmetric parameters are good for filtering out the fractals which are unlikely to be local minimums / maximums. To make sure you can compare, for example, the parameters of (2, 2), which are identical to the standard fractals, and the parameters of (7, 2).

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1381

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