iGDR_Fractal_Levels - MetaTrader 5 Script - MT4/MT5 Resources

The iGDR_Fractal_Levels indicator shows the fractal average over a specific time period. The indicator displays only three levels on the chart and displays them in different colors. The same level is plotted to the right of the text label, although the variation used to calculate the mean is taken into account.

The indicator works as follows. Select the chart time interval from end to start, but get at the same time a strictly limited number of bars specified in the indicator parameters. Fractal search is performed in this interval. The three price levels with the highest number of fractals are then calculated and the price of each fractal is determined. Then find the average price among the determined prices. This average price is then shown by the indicator, while the spread of other fractal prices expands the line size because this spread is the most powerful level.

The indicator consists of only three price levels composed of all fractals. Each of the three has its own color, depending on the number of fractals contained in that level's building. The strongest level is red, the intermediate levels are yellow, and the weakest level is green, although this must also be taken into account in trading activities.

Use in transactions:

Like all other levels in the Forex market, there are no specific differences between these levels, but we must always keep in mind that trading using fractals is only done in the direction of the breakout of these fractals. The same goes for levels. We must enter in the direction of a breakout of these levels as these are the strongest entry signals, while nearby levels can serve as initial stop loss levels and profit targets.

Attachment download

📎igdr_fractal_levels.mq5 (18.32 KB)

Source: MQL5 #729