fractals - adjustable period and prices
Info
The fractals - adjustable period and prices is a Indicator for MetaTrader 5 that one of the "classics" but with a twist - unlike the built in fractals indicator, this one allows you to :adjust the fractals period (the built in fractal indicator is using period 5) chose prices for high and low (might be useful in some cases - in extreme whipsaw market conditions, for example) ps: also, the way how fractals are calculated does not prevent having fractal up and fractal down at the same bar and that is a correct way how it should be calculated. limiting it to just one fractal per bar is introducing a bias that has no mathematical cause.
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 fractals - adjustable period and prices
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
one of the "classics" but with a twist - unlike the built in fractals indicator, this one allows you to :adjust the fractals period (the built in fractal indicator is using period 5) chose prices for high and low (might be useful in some cases - in extreme whipsaw market conditions, for example) ps: also, the way how fractals are calculated does not prevent having fractal up and fractal down at the same bar and that is a correct way how it should be calculated.
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: fractals period indicator - another powerful indicator for MetaTrader 5 traders.
one of the "classics" but with a twist - unlike the built in fractals indicator, this one allows you to :
Also recommended: fractals: a powerful indicator for trend detection - similar indicator with strong performance on MetaTrader 5.
adjust the fractals period (the built in fractal indicator is using period 5)
chose prices for high and low (might be useful in some cases - in extreme whipsaw market conditions, for example)
ps: also, the way how fractals are calculated does not prevent having fractal up and fractal down at the same bar and that is a correct way how it should be calculated. limiting it to just one fractal per bar is introducing a bias that has no mathematical cause
You may also like: Fine Fractals Indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_plots 2
#property indicator_color1 clrred
#property indicator_color2 clrblue
#property indicator_width1 2
#property indicator_width2 2.......
⚠ 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.