New fractal indicator “Full Fractals MT5”
The standard fractal indicator, developed by Bill Williams , is one of the most effective tools for trend analysis.
It is not for nothing that it was added to the most popular trading platform today, metatrader 5, and is used in fractal strategies.
But many traders often complain that the standard script from the trading platform lacks additional settings, so you can find modified versions of the Fractals indicator on the Internet.
One of the interesting options is the “Full Fractals MT5” indicator, developed in 2023; it allows you to independently set the number of bars on the basis of which the fractal will be built.
After adding to the chart, fractal arrows and support and resistance lines :
Support and resistance lines have been added to make the information displayed easier to understand.
If we talk about the settings of the "Full Fractals MT5" indicator, there are only a few of them:
If you wish, you can easily change the following parameters:
Candles on the left – set how many bars will be used for calculations on the left
Candles on the right – the number of bars on the right used in the calculations
Support and resistance levels – display support and resistance lines on the chart, enable (true)
Continuation of lines (bars) – the length of support and resistance lines in bars from the extreme fractal
The indicator was tested on assets such as currencies, cryptocurrencies, and stocks, and received positive reviews in all markets.
Overall, it's a decent tool for market analysis, but that's to be expected, as the indicator is based on a script developed by Bill Williams.
