Turning Points 1.0
Metatrader Indicator (MT4/MT5)
This indicator examines the price structure of fractals of different periods to determine possible reversal points in the market, providing timing to positional traders that already have a fundamental or technical valuation model. Unlike its younger brother, Reversal Fractals, this indicator won't miss reversals because of the period selected, and will find reversal fractals on a zig-zag fashion, ignoring those reversals which do not carry enough momentum to start a sustained price movement.
- Turning points can start long trends
- The indicator is non repainting
- It implements alerts of all kinds
- Customizable colors and size
This indicator is a reactive or lagging signal, because a a fractal is a formation of an odd number of bars being the middle bar the highest or lowest in the formation, and the indicator draws when the all bars in the fractal close.
This indicator is not a boiled-down signals indicator nor a complete trading system. However, traders with a pre-existing directional bias will find this indicator extremely useful, picking up early entry points.
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.
- Min Fractal
- Minimum amount of bars on a fractal. Must be an odd number such as 3, 5, 7, 9, 11, 13, ...
- Max Fractal
- Maximum amount of bars on a fractal. Must be an odd number such as 3, 5, 7, 9, 11, 13...
- Max History Bars
- Amount of past bars to evaluate when the indicator loads.
- Customize arrows and lines colors and sizes.
- Enable or disable alerts of all kinds.
- Does the indicator repaint?
- No, it does not!