The indicator plots channels based on fractals with customizable parameters. As it is known, the standard fractal indicator for MetaTrader 4 does not allow to set the parameters of the so-called fractal shoulders and has limited use with its default parameters, as the chart becomes cluttered with numerous insignificant fractals. With the Fractal Channels indicator you can display only the important fractals on the chart, which denote excellent support and resistance levels. At the same time, the indicator also automatically draws these levels, which is much more convenient that constantly drawing them manually.
The indicator settings:
- Left_shoulder - the minimum size of the left shoulder of the fractal in bars
- Right_shoulder - the minimum size of the right shoulder of the fractal in bars
- Channels - whether to draw channels