Discussing the article: "MQL5 Wizard Techniques you should know (Part 56): Bill Williams Fractals"
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Check out the new article: MQL5 Wizard Techniques you should know (Part 56): Bill Williams Fractals.
The Fractals by Bill Williams is a potent indicator that is easy to overlook when one initially spots it on a price chart. It appears too busy and probably not incisive enough. We aim to draw away this curtain on this indicator by examining what its various patterns could accomplish when examined with forward walk tests on all, with wizard assembled Expert Advisor.
Bill Williams’ fractal indicator is a pivotal and important indicator amongst the collection habits known for. It primarily identifies reversal points in price action of traded symbols. Based on the concept of fractals, as a repetitive 5-bar pattern often marked as bearish if the middle bar of the 5 has the highest high, or bullish in cases where the middle bar has the lowest low. We look at some of this indicator's patterns that can be utilised by traders, as we have in the past with MQL5 wizard articles.
For our first pattern, pattern-0, a bullish Formation is defined when a series of bullish fractal lows form at or close to the prior low. This is usually interpreted as the market finding support at that point. It's important to note that by consecutive fractal lows, what is meant is there is no fractal high between the lows. This is a significant indicator because typical patterns are fractal highs following fractal lows, in alternation. For the bullish pattern, though, it is taken to indicate that different buyers are stepping into the market at similar price levels, which reinforces the thesis for an accumulation phase that precedes an upward move.
Conversely, multi
Author: Stephen Njuki