Basic difference of the indicator from the standard B. Williams’ fractals are as follows:
- There is a possibility to select any fractal “shoulder” size (i.e. the number of fractals to the left and to the right necessary for forming the central bar fractal). Right and left shoulders can be set separately (RightBars and LeftBars parameters). For example, if both shoulders are set to 3, seven candlesticks will be necessary to form a fractal.
- Horizontal lines are created from each formed fractal. These lines form a sort of “fractal” support/resistance lines.
- Fractals themselves are displayed as diamonds, but the fractals, towards which a breakout occurs, are displayed as large colored dots.
This indicator was first implemented in MQL4 and published in Code Base at mql4.com 17.08.2008.
MT5 Indicator – Download Instructions
FractalLevels is a Metatrader 5 (MT5) indicator and the essence of the forex indicator is to transform the accumulated history data.
FractalLevels provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install FractalLevels.mq5?
- Download FractalLevels.mq5
- Copy FractalLevels.mq5 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 5 Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 5 Client
- Right click on FractalLevels.mq5
- Attach to a chart
- Modify settings or press ok
- Indicator FractalLevels.mq5 is available on your Chart
How to remove FractalLevels.mq5 from your Metatrader 5 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Click here below to download MT5 Indicator: