There is a built-in fractal indicator in MT4/MT5, whose origins goes back to the famous Bill Williams. The main purpose of this indicator is to identify local extremums by comparing a candle’s high/low with that of its neighboring candles to justify it as an up-fractal/down-fractal, a term coined by Williams instead of local maximum/minimum. Some other equivalent terms are swing high/low and pivots, which are used among traders interchangeably.
This indicator has the following advantages over its built-in MT4/MT5 counterpart:
1. Williams believed that like our middle finger, which is a fractal compared with its two neighboring ones, the radius of the comparison should be chosen as two, which is the default value for the built-in fractal indicator in MT4/MT5. In this indicator, the user can choose this neighborhood radius to his/her will. This has the benefit of distinguishing pivots of different degrees at the same time on the chart as shown in Figure 1.
2. User can also choose the shape of symbols pointing to these pivots, enabling him/her to associate with pivots of each degree a unique symbol for better visualization.
3. User can specify the vertical distance of the symbols from the high/low of the candles to avoid overlapping of symbols corresponding to pivots of different degrees. The idea for dynamic adjustment of the vertical distance was mainly inspired by the answers of tdbarnard in here. The main point to consider is that we want the pixel distance of a symbol to be a constant value away from a candle’s high/low. However, this does not mean that the equivalent price distance should be constant too. Indeed, as the chart’s scale is changed, the price distance corresponding to a fixed pixel distance will also change, which requires a dynamic distance adjustment. You can see the detailed implementation of this idea in the code.
Fractal – Download Instructions
Fractal is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.Subway 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 the software?
- Download the mq4 file from the zip file.
- Copy the mq4 file to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on the mq4 file.
- Attach to a chart
- Modify settings or press ok
- Indicator should be available on your Chart
How to remove tim.mq4 from your Metatrader 4 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
Fractal MT4 Indicators Download below: