Very good tool. Probably the best fractal indicator on mt4.
Peak Trough Analysis Tool MT4
Peak Trough Analysis is the great tool to detect peaks and troughs in your chart. Peak Trough Analysis tool can use three different peaks and troughs detection algorithm. The three algorithm include the orignal Fractals Indicator by Bill Williams, the Modified Fractals indicator and ZigZag indicator. You can use this peak and trough analysis tool to detect the price pattern made up from Equilibrium Fractal-Wave process. For further usage, there are good guide line on how to use this peak trough analysis tool in the chapter 11 in the book: Introduction to Price Action and Pattern Trading. This is a free tool and you can use this powerful tool for your own benefit at your own risk.
How to use
You can use in three mode.
- Mode 1: The Fractals indicator by Bill Williams
- Mode 2: The Modified Fractals indicator
- Mode 3: Zig Zag indicator
To use Modified Fractals Indicator algorithm, set “Use Modified Fractals” = true.
To use for Zig Zag indicator algorithm, set “Modified Fractals” = false.
To use the original Fractals Indicator algorithm by Bill Williams, set “Use Modified Fractals” = true. Set N left = N right = 2.
Input Setting
1. Modified Fractals Setting
- N left - N = number of bars counting to left
- N right - N = number of bars counting to right
2. Zig Zag Setting
Use default setting unless you are familiar with ZigZag indicator.
- ZigZag Depth
- ZigZag Deviation
- ZigZag Backstep
3. General Setting
- Arrow Shift in Pixels - 10 = default
- Use White Background Chart - true or false only
- Enable sound alert - true or false only
- Send email if peak or trough is found - true or false only
- Send notification if peak or trough is found - true or false only
Reference
How to use Peak Trough Analysis is discussed in the part of these two reference books:
1. Profitable Patterns in Forex and Stock Market
2. Scientific Guide to Price Action and Pattern Trading
jayosworld
2019.08.28 16:01
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Excellent! Yes, it repaints but it can help show possible reversals. I use it to determine when my possible buy/sells are.
Andres Meza
2017.06.29 06:45
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Once again Young has surpassed all expectations with his products. Fully recommended.
Versión 1.5
2020.02.05
In version 1.5, minor improvement made on Peak Trough Analysis. We tried to tune the indicator for the usage with the Book: Profitable Patterns in Forex and Stock Market and Scientific Guide to Price Action and Pattern Trading.
Versión 1.3
2019.09.21
In version 1.3, we have added more stable algorithm of detecting peak and trough in the indicator.
This indicator puts an address to a website on the chart, taking up valuable space needed for useful information other indicators provide. It is an annoyance and shouldn't be there as it adds nothing of value to the chart. The same information can be found in the 'About' section of the indicator, so the website address is apparently only placed on the chart for marketing purposes. Indicators that do this automatically get one star from me.