Fractal Levels Indicator
Info
The Fractal Levels Indicator is a Indicator for MetaTrader 5 that this indicator differs from the standard bill williams fractals by providing options to customize the fractal 'shoulder' size. You can independently set the number of bars to the left and right required to form the central fractal bar using the 'rightbars' and 'leftbars' parameters.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Fractal Levels Indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
This indicator differs from the standard Bill Williams fractals by providing options to customize the fractal 'shoulder' size.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Value Area Levels Indicator - another powerful indicator for MetaTrader 5 traders.
This indicator differs from the standard Bill Williams fractals by providing options to customize the fractal 'shoulder' size. You can independently set the number of bars to the left and right required to form the central fractal bar using the 'rightbars' and 'leftbars' parameters. For instance, with both shoulders set to 3, seven candlesticks are needed to define a fractal.Also recommended: SMMA Levels MTF Indicator - similar indicator with strong performance on MetaTrader 5.
Horizontal lines are generated from each completed fractal, creating a system of fractal support and resistance levels.
Fractals are visually represented as diamonds. However, fractals that are being approached by a price breakout are shown as larger, colored dots.
This indicator was initially developed for MQL4 and released in 2026.
You may also like: institutional fractal dimension index (regime detector) - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 6
#property indicator_plots 6
#define reset 0 // the constant for getting the command for the indicator recalculation back to the terminal
#property indicator_type1 draw_line
#property indicator_color1 lime.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.