Fractals ST Patterns
Fractals ST patterns is a modification of Bill Williams' Fractals indicator. Unlike a standard Fractals indicator, Fractals ST patterns allows setting any number of bars to find a fractal. This simple indicator corresponds to the parameters specified in the ST patterns Strategy. Structural Target patterns are the market itself, which is consistently divided into components. For the formation of ST patterns, no trend lines, geometric proportions of the model itself, trading volume, or open market interest are needed. They are easily recognized and built only on the basis of breaking through the fractal levels and the distance to the Target. ST patterns remove from the market the uncertainty inherent in the previously known graphic compositions and simplify the work of the trader.
The fractal consists of a two sets of arrows - up (upper fractals) and down (lower fractals). Each fractal satisfies the following conditions:
- Upper fractal - maximum (high) of a signal bar exceeds or is equal to maximums of all bars from the range to the left and to the right;
- Lower fractal - minimum (low) of a signal bar is less or equal to minimums of all bars from the range to the left and to the right.
- Bars around - number of bars before a fractal used in calculation;
- Arrow offset - offset of the arrow from the bar's High/Low in points.
You can set the arrows' color and size separately for upper and lower fractals on Colors tab.