FractalChannel Histogram Indicator
Here's an indicator I created using the same rules that I implemented on the original. There's no alert here, so anyone is welcome to implement it. The crux of the indicator is this: if the close goes out of the Fractal Channel, a buy/sell bar is drawn. Be warned, FractalChannel DOES repaint and it can do some 3-5 bars after the fact. Thus, wait for the bar to close before you enter. The first bar on the histogram is generally the signal bar, same color bars that follow only confirm the trend. Enjoy!
Forex Indicators Collection
If I were to use this indicator on a smaller time frame(5 or 15 min) for entries in the direction of longer term trend(1hr,4hr,daily), I need to wait for the bar that generated the buy/sell signal to close and if the buy/sell signal was still there, then it is a valid signal?
PS.Thanks for the indicator donation.
Yes. It is crucial to wait until the close. Let me know how it goes for you.
And you're welcome.
Fractal Trader thread https://www.mql5.com/en/forum/177691
Its my understanding that a fratal is printed when there are two candles on both sides of it that are either higher or lower then that candle.
Is there a altered Fratal out there that does this with 3 on each side?
If so please point me to it.
You can use this indicator. Set the 'LevDP' to 3 instead of 2 in the 'indicator inputs'. All rest to false. It normally draws TD trendlines if all functions are enabled.
Thanks that did the trick.
It's just the same as Bolinger bands.What is the TF ?