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.
When loading the expert 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.
- 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.
Keep comments tidy and respectful. Avoid spam, offensive remarks, self-promotion and posting personal or payment information. The comment section is for discussion and questions only. Kindly note that we'll never solicit payments in the comments section.