wlxFractals - MetaTrader 5 Script | Forex Indicators Download - MT4/MT5 Resources

konKop, GOODMAN, Mstra, af + Wellx

The wlxFractals indicator is designed to draw Bill Williams fractals, defining the number of significant bars on the left and right sides.

The technical definition of a Bill Williams fractal is a series of at least five consecutive bars in which the highest maximum is preceded and followed by two bars with a lower maximum. The opposite configuration (a series of five bars where the lowest minimum is preceded and followed by two bars with higher minimums) is a sell fractal. On a chart, a fractal has a maximum value and a minimum value, indicated by an up or down arrow.

The signal of the wlxFractals indicator needs to be filtered using the Alligator technical indicator. In other words, if the fractal is below the alligator's teeth, we should not enter a buy trade; if the fractal is above the alligator's teeth, we should not enter a sell transaction. Once a fractal signal is formed and takes effect (determined by its position beyond the alligator's mouth), it remains a signal until it is hit, or until the nearest fractal signal occurs.

The original wlxFractals indicator was developed in MQL4 language and released in the code base on August 7, 2006.

Figure 1. wlxFractals indicator

Attachment download

📎 wlxfractals.mq5 (7.61 KB)

Source: MQL5 #7034