The main differences of the indicator from the standard indicator of fractals in the sense of B. Williams:
1. There is a possibility of choosing the fractal’s shoulder (i.e. the number of bars to the left and to the right that are necessary for forming the fractal on an middle bar). For example, if the shoulder (FractalBars parameter) is set to 3, then 7 candles are necessary to form a fractal.
2. The horizontal lines are drawn from each formed fractal. These lines form so called “fractal” lines of support-resistance.
As a small digression I want to add that the usage of it together not with the three MA indicators (classic be Williams) but with the wonderful DEMA indicator shows the good (at least approximally good) results.
MT4 Indicators – Download Instructions
Fractal Levels is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Fractal Levels 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 Fractal Levels.mq4?
- Download Fractal Levels.mq4
- Copy Fractal Levels.mq4 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 Fractal Levels.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Fractal Levels.mq4 is available on your Chart
How to remove Fractal Levels.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
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MT4 Indicators Download here: Fractal Levels