Fractals Paint - page 3
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Fractals paint is better. BUT I don't recommend using it alone for trading. I had extensive backtesting and forward-testing on it. The result was ugly. I hope being frank with you will not discourage you from playing with this indicator. I combined with various indicators in the past, and some combinations, which I don't remember, are quite satisfying.
see attached chart
Newbie member but hopefully I have something to add off the hop here.
I have been trading professionally on my own account for about 4 years. Since I started using fractals 3 years ago my percentages and confidence have increased considerably.
Couple of things that are on my mind:
1) The fractals in my MT4 give a signal after 2 bars, rather than 3 or 5. I am not bright enough to alter anything so perhaps I have a different version than you?
2) I think the repainting issue, at least in my experience shows only when the existing bar (bar #2, or 3, 5, whatever you are using as a fractal) exceeds the close of the fractal bar where the signal appears. Basically you would be stopped out. However I stare at charts 10-12 hrs a day and only see it a couple of time a week on 5 mins. Perhaps the dif timeframes are what is causing this?
I attach a chart for your consideration with some of my ramblings on it. Also a filter I use I got from somewhere I don't remember. I am sure the author is in the code. You can also use Ichimoku which I do from time to time just to let the eyes look at something different.
It would be nice if someome could code an EA based on fractal signal with manual confirmation (set as default). All that I have seen out there are fractal breakout systems, not reversals as would be preferred. Basically a buy or sell on the fractal signal appearing and up to the trader to take it or leave it.
Hope we can keep this going. I truly am a fan of fractals. I use them on the 5 mins because:
a) I like knowing my progress daily and prefer to be in a cash position each day rather than over several days.
b) the stops are short and fairly painless with a high reward if used properly.
Let me know your thoughts!
Thanks!
P.S. On the filter indicator change deviation to 1
Can anyone please tell me how to use the filter?
good indicator..heee...
Do you mean that i cannot use Fractals indicator with a day or weekly time frame. Apart from 30 minutes can i trade other time range?
Fractals indicator is quite good at detecting turning points. Therefore, it's commonly used to identify support and resistance levels at stunning precision. But just one thing, MetaTrader 4 repaints the Fractals. For instance, a Fractal point was shown a few mins ago, but just now it disappears. I personally think this is a cheating. It covers up bad tracks and keeps the good after the fact. That's cheating, isn't it?Enough for the legacy, here is the new Fractals indicator that doesn't repaint. "Fractals Paint" is its name, for now. It is best used on 30-minute chart. As the word "Paint" implies, this shinny new indicator does paint color to price bars blue or red depending on its signal. Blue bars mean the trend is bull (going up), and red bars mean the trend is bear (going down). If it's not red or blue, either there's no trend (moving sideway) or the signal is conflicting (can go up and can go down).Again, blue = buy, red = sell, no color = wait. I'll be testing this indicator today (next 3 hours 30 minutes to be precise) before USA Employment Situation data is released. I believe if used in conjunction with fxfisherman economic forecast, this indicator can make us some real money.To install this indicator to your Metatrader 4, save the FractalsPaint.mq4 to path ..\Program Files\MetaTrader 4\experts\indicators\. After you restart Metatrader, you'll see "FractalPaints" in custom indicators list (on the left).
I never could get the indicator to install. It showed up on my list, but the program froze.
Suggestions
Thanks
Seems nice. What's the logic behind? Comparing the first candle's high with those around it to determine a Support\Resistance?
hello everybody, I just stumble into this site as a prospective forex trader exploring the internet for useful guide into the world of currency trading. my first question on meta trader4 is that of not being able to trace the fast and slow moving averages in MACD. This question is important to me in order to know much about MACD cross over.