New_Fractal_Lines - MetaTrader 4 Script | Trading Script Download - MT4/MT5 Resources

After reading the first "Chaos" by B. Williams, I came up with the idea of ​​implementing "squat" fractals instead of "squat" bars. Idea: Take two nearby diverging fractals. Let the first (historically further) go down and the second (historically closer) go up. Calculate the delta of a fractal:
(High[i+2] - Low[i+2] + High[i+1] - Low[i+1] + High[i] - Low[i] + High[i-1] - Low[i-1] + High[i-2] - Low[i-2]);

Calculate the total (scale) volume of a fractal:
(Volume[i+2] + Volume[i+1] + Volume[i] + Volume[i-1] + Volume[i-2]);

Compute the MFI of a fractal:
(increment/total volume);

The same goes for the second fractal. Next, if

 (MFI1 > MFI2 && Vol1 < Vol2) == true ;

Then draw a point above the highest point of that fractal. A resistance line is a trendline drawn across two adjacent upward "squatting" fractals. A pair of fractals with different orientations are almost identical: the first goes up, the second goes down. The only difference is that this point is drawn lower than the low point below the downward "squatting" fractal. A resistance line is a trendline drawn across two adjacent downward "squatting" fractals.

Trading systems using this indicator are not fully developed yet, but in my opinion:
- If the support line (brown) is pointing upwards and the price is above the support line, then wait for the price to close below the line and sell;
- If the support line (brown) is downwards and price breaks (closes) above it, do not enter the trade.

For trading above the support line, the opposite is true. But this is not the final version.

Comments on improvements to the indicator and trading systems based on it are welcome.

March 15, 2007.
The olyakish_fractals_01.mq4 indicator was added, which also displays other fractals, namely "green", "squat", "false" and "fading".

March 22, 2007.
A new version of the olyakish_fractals_02.mq4 indicator has been added. It implements a fractal filter by internal volume (in percent). Therefore, there will be fewer fractals in the chart and the most important fractals will be retained.

Trading strategy:
- Trade on the breakout of the red fractal (squat) and also simultaneously trade in the opposite direction once the blue (false) fractal appears with a stop loss on the current fractal. Therefore, it is possible to move from a few points to a stable trend.

March 27, 2007.
New version of the olyakish_fractals_03.mq4 indicator. Added the drawing of current support/resistance lines and the ability to enable/disable the drawing of previous lines. This indicator depends heavily on quote volume. As a solution for this situation - use quotes as close to real as possible (without server filtering).

Attachment download

📎 New_Fractals_Lines.mq4 (6.78 KB)

📎 New_Fractals_Lines_v1_0_1.mq4 (7.05 KB)

📎 olyakish_fractals_01.mq4 (8.44 KB)

📎 olyakish_fractals_02.mq4 (8.61 KB)

📎 olyakish_fractals_03.mq4 (12.32 KB)

📎 olyakish_fractals_04.mq4 (10.93 KB)

📎 olyakish_fractals_06.mq4 (15.22 KB)

📎 olyakish_fractals_06a.mq4 (14.75 KB)

Source: MQL5 #7073