Fractal levels Gold [AstroHub]

12 jam lalu

This indicator detects key fractal points on a price chart and visually marks them with shapes and levels. It helps traders identify potential reversal zones and dynamic support/resistance levels, enhancing market analysis.

Key Features:

1. Fractal Detection:
   The indicator identifies top and bottom fractals using a 5-bar pattern.
   A top fractal forms when the middle bar has a higher high compared to the two bars on either side.
   A bottom fractal forms when the middle bar has a lower low compared to the two bars on either side.
   
2. Fractal Filtering:
   The indicator can filter out "pristine" fractals (uninterrupted fractal patterns) based on custom conditions, making it more selective and reducing false signals.
   
3. Fractal Plotting:[top fractals] are plotted as downward triangles.
   [bottom fractals] are plotted as upward triangles.
   Users can choose to display or hide fractal points and their corresponding labels.
   
4. Fractal Levels:
   The indicator automatically plots fractals' levels on the chart, marking potential resistance and support zones.
   Fractal levels change dynamically as new fractals are identified.
   
5. Customizable Display Options:
   Show or hide fractals and levels with adjustable settings.
   Choose whether to apply filtering for pristine fractals.
   Display the pivot labels to easily track fractal positions.
   

How It Works:

The indicator uses a simple approach to recognize top and bottom fractals. When a valid fractal is detected, it highlights it on the chart and plots the corresponding price level.
By default, top fractals are shown above the bars (red color), and bottom fractals are shown below the bars (green color).
Fractal levels represent potential reversal points and can act as dynamic support and resistance zones.

Best Use:

The indicator is particularly useful in identifying reversal points and trend changes, helping traders to spot key price levels.
It can be used across various timeframes and markets, particularly for trend-following or reversal strategies.

Customizable Settings:

• Show Pivots: Toggle the display of pivot points.
  
• Show Pivot Labels: Display labels for pivot levels.
  
• Show Fractals: Toggle fractal points on the chart.
  
• Show Fractal Levels: Show or hide the levels corresponding to the detected fractals.
  
• Filter for Pristine Fractals: Enable this option to filter out non-pristine fractals for higher accuracy.
  

Conclusion:

This indicator provides clear, actionable fractal signals, helping traders easily identify critical levels for entry and exit. With customizable settings and visual cues, it's suitable for both novice and expe