Fractals indicator, setup and use
Fractals play a leading role in 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 over all the mechanical work.
This will free up time for additional analysis of the Forex market situation and the development of new profitable trading strategies.
The program is fully functional and extremely easy to install and configure.
Fractals themselves represent one of the varieties of minimum and maximum points that allow us to create a picture of the market.
The points obtained using this script can be used in a variety of ways; they can be used to construct support and resistance lines and set various price levels.
The resulting fractals can also be used to analyze the current market trend.
The indicator's value changes based on the trading time frame duration. This means that if you change the trading interval, all recalculations are performed automatically, and you see new points based on the selected trading time frame.
Setup and installation.
The fractals indicator is installed, like all similar scripts, by simply dragging it into the trading platform's indicators folder.
After restarting the trader's terminal, we proceed to adding this instrument to the desired chart. 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 currency pair chart.
Trade.
The obtained levels best characterize the minimum and maximum points in individual sections of the trend, and therefore they are used accordingly.
If desired, you can construct a price channel with boundaries along support and resistance lines, or you can simply focus on the fractal values on your time frame.
If there is an upward trend, we place pending orders to buy; if there is a downward trend on the market, we place pending orders to sell.
In doing so, try to take into account all the minimum and maximum values obtained during the day; they can help you form an overall picture of the market situation.
