MNZ Acdanved Fractals
Advanced Fractals is like the regular MetaTrader 4 Fractals indicator with advanced features. With the regular one you have no option to change the number of bars from both sides (Left/Right) to determine the fractal, but with this one you will be able to set the number of bars from left and right to consider it as a valid fractal. Not only the number of bars is the sole factor in determining the level you can also set the minimum length or distance of the left wave and right wave either manually or automatically using the ATR indicator for a fractal to be valid. This is extremely useful in using the fractals as tool for identifying the strongest Support and resistance levels. The Indicator will plot lines for unbroken fractals levels that could be used as levels of support or resistance. Another amazing feature you will have is that this indicator identifies Divergences by using either one of two indicators (RSI, Stochastic) both types of Divergence can be detected (Hidden/Regular). This indicator is useful for determining the Support or resistance easily as well detecting Divergences at these levels.
- Custom bars count for fractals (Left/Right)
- Custom wave length (Left/Right)
- Plot unbroken support / resistance levels
- Detecting Divergences (Bullish/Bearish) (Hidden/Regular) based on RSI or Stochastic
- Price (High_Low/Close): The Price field based on which the fractal will be detected (High_Low) or (Close Price).
- Swing Length Calc Mode (Last Bar, From Highest or Lowest bar):
- Last Bar: the wave length is validated using the (high/low) of last bar in a wave from right and left.
- Highest or Lowest: the wave length is validated using the Highest High or lowest low in the wave.
- TOP/BOTTOM Validation mode: (BOTH_LR / EITHER_LR).
- BOTH_RL: In order for a fractal to be valid Both Right wave length and Left wave length must meet the minimum wave length set.
- Either_RL: If either waves (Right or Left) meet the minimum wave length set the fractal will be valid.
- Left Bars Count: The number of bars in the right swing.
- Min Left Swing PIPS: The minimum length of the left swing.
- Right Bars Count: The number of bars in the left swing.
- Min Right Swing PIPS: the minimum length of right swing.
- Auto Length (True/False): True to automatically assign wave length using ATR. false to manually use the values set.
- ATR Period: ATR Period.
- Left Swing ATR Factor: the Multiplier of the ATR for left swing.
- Right Swing ATR Factor: The Multiplier of the ATR for right swing.
- Look back Mode (DAYS, WEEKS, MONTHS, HOURS): look back periods for support and resistance mode.
- Show S/R Levels (true/false): True - Enable showing the unbroken Support/resistance lines, False - Disable showing S/R Lines.
- Look Back Period: Number of periods back to show S/R Lines. * 0 to show all unbroken S/R lines.
- Support Color: Support line color.
- Resistance Color: Resistance line Color.
- Support/Resistance Breakout mode (CANDLE_CLOSE/HIGH_LOW_TOUCH):
- CANDLE_CLOSE: Support/Resistance will be considered broken only when a candle closes below/above it.
- HIGH_LOW_TOUCH: S/R will considered broken and the High/Low of any candle touch it.
- Divergence indicator (STOCHASTIC - RSI): Determining the Indicator to be used for Divergences.
- Show Regular Div (true/false): True to show regular Divergences, false to disable showing it.
- Show Hidden Div (true/false): True to show hidden Divergences, false to disable it.
- STO K Period: Stochastic K period.
- STO D Period: Stochastic D period.
- STO Slowing: Stochastic Slowing period.
- RSI Period: RSI Period.