Function and application
This indicator is designed for traders who use or want to use fractals in their trading systems. It will help both those who trade manually, and those who automates trading with advisers.
iFractals extends the capabilities of standard MetaTrader4 Bill Williams Indicator . Using it, you can specify an arbitrary number of bars that are used to calculate the fractal: to the right of the current bar and to left. Thus it is possible to use non-standard variations, for example 5 bars to the left, 3 to the right. The indicator plots the fractal channel, with capability to remove a specified number of points from fractals. This and a built-in moving average indicator provides filtration of unnecessary breakdowns.
In the breakdown of fractal indicator provides sound signals and stands on a plot of these breakdowns of the points (buffer values Buy, Sell), which can then be used in the EA or other indicators.
Parameters of the indicator
Bars.Right = 2 The number of bars to the right from current used to define the fractal.
Bars.Left = 2 The number of bars to the left from current used to define the fractal.
Mode = 0 Fractal plot mode. Value 0: on bar extremes (high, low), value 1: on bar body (open, close)
ChannelDistance = 0 Amount of points in chnnel spread (useful for filtering false fractal breakdowns, prescribed depending on volatility of the instrument).
MA.Period = 21 The averaging period for calculating the moving average, an additional filter for false fractals: upper fractals, which are below the moving average and lower fractals, located above the moving average, do not display. If set to 0, moving average is not plotted.
MA.Method = 0 Averaging method. Can be any of moving average value methods: simple moving average (0), Exponential Moving Average (1), smoothed moving average (2),linear weighted moving average (3).
MA.AppliedPrice = 0 Used price. Can be any of price constants: close price (0), open price (1), maximum price (2), minimum price (3), average price (4), typical price (5), weighted close price (6).
Alert_ = true Parameter that enables/disables sound allert on channel breakdown.
DrawChannelPrice = true Parameter that enables/disables the display of texts marks of the price channel.