Fractal Trend Direction MT5
The indicator shows the current trend direction based on the fractal breakout. The calculations can be performed on different periods. Multiplier of the current period allows obtaining fractals for non-standard timeframes. For example, the current timeframe is М5, and fractals for determining the trend are from М25. According to the results of testing, the best multiplier of the controlling (higher) period should be in the range from 3 to 6. For example, for trading on M5 - higher periods are М5*4=М20, М20*4=М80(Н1:М20), М80*4=М320(Н5:М20). Also, using the multiplier eliminates the need to constantly enter the settings when switching the chart timeframe. It has been noted that after a fractal breakout, the price movement in the breakout direction is often preserved, which allows using this fact to determine the trading direction.
For example, for trading М15, determine the direction on Н1, Н4 and Н16. When three directions from the higher periods are in confluence, look for market entry points in the direction of movement from the higher timeframe. Please note that the indicator does not show the potential market entry points, it shows the direction for making trades. The indicator is valuable in that it ignores the short-term market rollbacks, and its combined usage on different periods reduces uncertainty to a minimum. It does not redraw. It can be used in experts.
- MultTimeFrame - multiplier of the current period. For example: the current chart period is М5, MultTimeFrame=4. (М5*4=М20).
- Fractal - type of the breakout fractal (reaction to market rollback)
- Extreme - the minimum/maximum fractal
- Default - the current fractal (default)
- Punched - broken fractal
- ShowFlat - show flat
- IndicatorLevel - indication level in the window (if several indicators are used)
- IndicatorMax - the maximum level of the indicator
- IndicatorMin - the minimum level of the indicator