Fractal Channel 3.0
Metatrader Indicator (MT4/MT5)
This is a very simple yet effective indicator to trade breakouts of variable fractal periods. A fractal is a price formation of an odd number of bars, being the middle bar the highest or lowest price point of the formation. These prices act as short-term support and resistance levels, which this indicator uses to draw a price channel and display breakouts.
- Easy to trade
- Fractal breakouts can start long trends
- The fractal channel is a great trailing stop method
- It is non-repainting and non-backpainting
- Customizable colors and sizes
- It implements alerts of all kinds
A higher period leads to more reliable breakouts, yet they appear less often. This indicator should be confirmed with higher-timeframe analysis. In general, you'll want to increase the fractal period for lower timeframes and decrease it for higher timeframes.
- ≡ Input parameters
When loading the indicator or EA to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.
- Amount of bars to calculate fractals. Must be odd.
- Choose if breakout arrows must be displayed.
- Enable to display consecutive breakouts in the same direction.
- Buy Arrow
- Color of bullish arrows.
- Sell Arrow
- Color of bearish arrows.
- Enable or disable alerts of all kinds.
- ? FAQ
- What is a fractal?
- A fractal is a price formation of five bars, being the middle bar the highest or lowest price point of the formation. An unbroken fractal is usually regarded as a possible reversal point for the market, whereas a broken fractal is regarded as a breakout that can start a new trend.
- Does the indicator repaint?
- No, it does not.
- Does the indicator backpaint?
- No, it does not.
- ✎ Comments
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