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MC Fractal Studies On Chart Indicator for MT4
MC Fractal Studies On Chart Indicator for MetaTrader 4. Innovative Technical Analysis. Copyright 2017 Maurizio Colarossi
MC Fractal Studies OnChart Indicator is not a MTF indicator, it do NOT REPAINT, do NOT LAG, it is 100% in realtime and precise.
In mathematics, a self-similar object is exactly or approximately similar to a part of itself (i.e. the whole has the same shape as one or more of the parts). Many objects in the real world, such as coastlines, are statistically self-similar: parts of them show the same statistical properties at many scales. Self-similarity is a typical property of fractals.
Self Similarity can be observed also in financial charts, in fact every Wave or Trend, is made of other Waves or Trends on a smaller scale.
MC Fractal Studies © disassemble and organize charts information in order to identify all the various Waves on all the various scales that make up the typical market charts, and show them to the eyes of investors in an inclusive but detailed way.
The ability to view and examine the multi-scale makert structure of a chart can immensely help an investor, giving him an edge that can be used to increase trading performance.
This is the MC Fractal Studies OnChart Indicator, the fifth of the five MC Fractal Studies.
You can download the other 4 Main Indicators from the metatrader marketplace, under the name "MC Fractal Studies Main Indicators for MT4".
This Indicator show you the supports and resistance levels of each active wave on the various fractal scales directly in your charts.
When in an UpWave, this indicator will show you a support line on chart (green line), the UpWave will be valid untill price break (go below) the Indicator support line (green line).
When in a DownWave, this indicator will show you a resistance line on chart (red line), the DownWave will be valid untill price break (go above) the Indicator resistance line (red line).
It only have 1 input called "Num".
For example you can put the indicator on your chart with the input "Num" set to 0.
Then, you can put it again (in the same chart) with the input "Num" set to 1.
You will see the trends of the "Num 1" and the trends of the "Num 0".
You will see that when "num 1" is in uptrend, inside that uptrend there will be various "num 0" uptrends and downtrends, "num 0" downtrends will be seen as retraces within "num 1" bigger uptrend.
You will see that when "num 1" is in downtrend, inside that downtrend there will be various "num 0" uptrends and downtrends, "num 0" uptrends will be seen as retraces within "num 1" bigger downtrend.
You can then put the indicator many times (with different inputs, example: num 0, num 1, num 2, num 3, num 4) on the same chart, in order to see the whole multi-fractal waves structure (trends inside trends) of a chart all in the same time.
The best way to use this indicator is in conjunction with one of the other MC Fractal Studies ©, kindly watch the video below to see MC Fractal Studies - On Chart in action.
Tip: Keep MAX 5000 bars in your chart for a smooth use of MC Fractal Studies ©
How to set max bars in your chart in your metatrader:
Tools > Options > Charts > Max Bars in Chart: put 5000.
Then close and reopen your metatrader.
Minor fixes in MultiFractal algorithm.
- It is now possible to choose the colors of the indicator