Fractals indicator, setup and use
Fractals occupy one of the leading roles in the technical analysis of the Forex market; their construction is a rather labor-intensive process and requires a lot of time.
The fractals indicator is designed to solve this problem automatically; it will take on all the mechanical work.
This will free up time for additional analysis of the situation on the Forex market and the development of new profitable trading strategies.
The program is fully functional and is as easy as possible to install and configure.
Fractals themselves represent one of the varieties of minimum and maximum points that allow you to create a picture of the market.
The use of points obtained through the use of this script is quite versatile; on their basis, you can build support and resistance lines, set various price levels.
The resulting fractals can also be used to analyze the current trend in the market.
The indicator value changes based on the duration of the trading time frame, that is, if you change the trading interval, all recalculations are made automatically, and you are already observing new points in accordance with the selected trading time period.
Setup and installation.
The fractals indicator is installed, like all similar scripts, by simply transferring it to the indicators folder of the trading platform.
After restarting the trader's terminal, we proceed to adding this instrument to the chart we need. In this case, you can enter the following settings:
TF – specifies the time frame on which fractals will be calculated; for automatic recalculation, it is recommended to set this value to 0.
Color – sets the colors of the lower and upper fractals; by default, the upper ones are displayed in blue, and the lower ones in red.
In addition, you can set the thickness of the lines displayed on the chart of the currency pair.
Trade.
The resulting levels best characterize the minimum and maximum points in individual sections of the trend, and therefore they are used accordingly.
If you wish, you can build a price channel with boundaries along the support and resistance lines, or you can simply focus on the values of fractals in your time period.
If there is an upward trend, we place pending orders to buy, but if a downward trend prevails in the market, then to sell.
At the same time, try to take into account all the obtained minimum and maximum values during the day, they can help you get an overall picture of the situation on the market.