OPEN-SOURCE SCRIPT
Fractals 5/7/9/11/13 Modified
Description:
The Modified Fractals Indicator is designed to help traders identify specific fractal patterns on a chart. Unlike traditional Williams Fractals, this indicator focuses on highlighting two distinct types of fractals:
- UpFractals: These fractals are identified when each preceding candle has a higher high than the one before it, and each succeeding candle has a higher high than the one following it.
- DownFractals: Conversely, DownFractals are detected when each preceding candle has a lower low than the one before it, and each succeeding candle has a lower low than the one following it.
This unique approach sets it apart from standard Fractal indicators.
Features:
1. Originality and Uniqueness: This indicator employs a distinctive algorithm to detect and display modified fractals, providing a fresh perspective on price reversals.
2. Customizable Parameters: Users can fine-tune the indicator to their trading strategy by adjusting the candle count and arrow size.
3. Easy-to-Understand Chart: The Modified Fractals Indicator is designed to provide clear and easily identifiable signals on your chart, enhancing your trading experience.
4. User-Friendly Interface: This indicator is user-friendly and can be easily integrated into your TradingView setup.
How it Works:
The Modified Fractals Indicator scans the price action on your chart and identifies specific fractal patterns based on the criteria mentioned above for both UpFractals and DownFractals.
Usage:
- Add the Modified Fractals Indicator to your TradingView chart.
- Customize the settings, including the candle count and arrow size, to align with your trading strategy.
- Observe the chart for the appearance of UpFractals and DownFractals as marked by the indicator's arrows.
- Use the signals provided by the indicator to inform your trading decisions, such as potential entry or exit points.
Please note that this Modified Fractals Indicator offers a unique approach to fractal analysis, focusing on specific price patterns that differ from traditional Williams Fractals. It provides traders with an additional tool for identifying potential trend reversals and market opportunities.
The Modified Fractals Indicator is designed to help traders identify specific fractal patterns on a chart. Unlike traditional Williams Fractals, this indicator focuses on highlighting two distinct types of fractals:
- UpFractals: These fractals are identified when each preceding candle has a higher high than the one before it, and each succeeding candle has a higher high than the one following it.
- DownFractals: Conversely, DownFractals are detected when each preceding candle has a lower low than the one before it, and each succeeding candle has a lower low than the one following it.
This unique approach sets it apart from standard Fractal indicators.
Features:
1. Originality and Uniqueness: This indicator employs a distinctive algorithm to detect and display modified fractals, providing a fresh perspective on price reversals.
2. Customizable Parameters: Users can fine-tune the indicator to their trading strategy by adjusting the candle count and arrow size.
3. Easy-to-Understand Chart: The Modified Fractals Indicator is designed to provide clear and easily identifiable signals on your chart, enhancing your trading experience.
4. User-Friendly Interface: This indicator is user-friendly and can be easily integrated into your TradingView setup.
How it Works:
The Modified Fractals Indicator scans the price action on your chart and identifies specific fractal patterns based on the criteria mentioned above for both UpFractals and DownFractals.
Usage:
- Add the Modified Fractals Indicator to your TradingView chart.
- Customize the settings, including the candle count and arrow size, to align with your trading strategy.
- Observe the chart for the appearance of UpFractals and DownFractals as marked by the indicator's arrows.
- Use the signals provided by the indicator to inform your trading decisions, such as potential entry or exit points.
Please note that this Modified Fractals Indicator offers a unique approach to fractal analysis, focusing on specific price patterns that differ from traditional Williams Fractals. It provides traders with an additional tool for identifying potential trend reversals and market opportunities.
Script de código aberto
No verdadeiro espírito do TradingView, o autor desse script o publicou como código aberto, para que os traders possam compreendê-lo e analisá-lo. Parabéns ao autor! Você pode usá-lo gratuitamente, mas a reutilização desse código em publicações é regida pelas Regras da Casa. Você pode favoritá-lo para usá-lo em um gráfico.
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