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Fractals Modified - indicator for MetaTrader 5

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Published by:
Manuel Sanchon
votes: 25
2014.01.09 09:09
2016.11.22 07:32

This indicator is a small modification of classical Fractals Indicator.

You can choose the number or left/right bars to have a new top or bottom as well a shift parameter.

In the following chart you can see the indicator with parameter values:

  • leftbars=10;
  • rightbars=10;
  • shift=0.

Fractals Modified Indicator MQL5

The parameter leftbars/rightbars indicates the necessary number of bars to the left/right to have either a bottom or a top. Instead, the last parameter, shift, can be choosed to be 0 to have a good visualization of the top/bottom levels.

However, in order to use this indicator it should be convinient to choose it as maximum between leftbars and rightbars. It is in this moment when the top/bottom is created.

In the following chart you can see the same as before with parameters:

  • leftbars=10;
  • rightbars=10;
  • shift=10.

Fractals Modified Indicator MQL5

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