Utter Fractals
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Utter Fractals
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.
Description & Settings
The indicator can be useful for traders who consider the market wave structure, as well as create trading systems based only on the market structure (without indicators). The idea of the indicator and the term "market inner structure" were first presented by Mikhail (Ptero).
Upper extremums are calculated by the bars highs, while lower ones are calculated by the bars lows. Only one bar is considered on each side of the bar, on which the extremum is calculated. Extremums calculation logic is determined in ExistUp and ExistDn functions of the indicator code. Relevancy of the found extremum is determined in the process of extremums calculation, irrelevant extremums are not displayed.
In case the terminal contains a rich history, history observation depth by the indicator must be limited by QuantityOfBars parameter to prevent excessive terminal load.
This indicator was first implemented in MQL4 and published in 24.02.2011.
