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This indicator is very useful for traders who consider market wave structure and create trading systems based solely on market structure (without indicators). The concept of this indicator and the term "market internal structure" were first proposed by Mikhail (Ptero).

The upper extreme value is calculated from the high point of the bar, and the lower extreme value is calculated from the low point of the bar. Only one bar from each side of the bars is considered and the extreme values ​​are calculated on it. The logic of extreme value calculation is determined in the ExistUp and ExistDn functions of the indicator code. During the extreme value calculation process, the correlation of the found extreme values ​​is determined, and irrelevant extreme values ​​are not displayed.

If the terminal contains rich history, the historical observation depth of the indicator must be limited by the QuantityOfBars parameter to prevent excessive load on the terminal.

The indicator was first implemented in MQL4 and published in the code base of mql4.com on February 24, 2011.

Attachment download

📎 utterfractals.mq5 (34.15 KB)

Source: MQL5 #736