Fine Fractals Indicator for MT4

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Fine Fractals Indicator for MT4

Introduction to the Fine Fractals Indicator

Trading the forex markets can sometimes be very confusing. This is because price movements within tradeable securities and markets can often be very chaotic. However, amidst the chaos, there are several recurring patterns and themes that could provide a hint what the market is about to do. One of these recurring patterns are the Fractal Patterns.

What is the Fine Fractals Indicator?

The Fine Fractals Indicator is a custom technical indicator which automatically identifies Fractal Patterns. It then simply plots a dotted circle on the highs or lows of the fractal patterns it identifies. It plots red circles on the highs of bearish fractals, and green circles on the lows of bullish fractals.

This version of the Fractals Indicator also identifies smaller fractal patterns which would otherwise be disregarded by other fractal indicators. It can also provide alerts whenever a new fractal pattern is identified by the indicator.

Fine Fractals Indicator for MT4

How the Fine Fractals Indicator Works?

Fractal Patterns are objective multi-candle patterns with higher highs or lower lows in the middle of the pattern. These patterns can be programmed as an algorithm which compares the highs and lows of a series of candles. This indicator simply runs this type of algorithm within its script and plots the circles whenever it detects a fractal pattern based on its criteria.

How to use the Fine Fractals Indicator for MT4

The Fine Fractals Indicator has a few options which can be toggled on and off within its indicator settings.

The “Fine” option enables the indicator to identify smaller fractal patterns which can even span just three candles.

The “New F Alert” option allows the indicator to send alert notifications whenever it detects a new fractal pattern.

How the Fine Fractals Indicator Works

The fractal patterns identified by this indicator can have several uses.

It can be used to identify trending markets based on price action. An uptrend market would continually form higher highs and lows, while a downtrend market would plot lower highs and lows.

It can also be used as a basis for a tight stop loss since the fractal lows can also act as minor support levels, and fractal highs can act as minor resistance levels.

Fractal patterns can also act as a reversal pattern or signal, which can also be reliable when traded in the direction of the trend or when they develop on a major support or resistance area.

Buy Trade Setup

When to Enter?

Identify a support area based on a major swing low. As price touches the support area, open a buy order as soon as the Fine Fractals Indicator identifies a bullish fractal pattern. Set the stop loss below the fractal pattern.

When to Exit?

Close the trade as soon as price action shows signs of a possible bearish reversal.

How to use the Fine Fractals Indicator for MT4 - Buy Trade

Sell Trade Setup

When to Enter?

Identify a resistance area based on a major swing high. As price touches the resistance area, open a sell order as soon as the Fine Fractals Indicator identifies a bearish fractal pattern. Set the stop loss above the fractal pattern.

When to Exit?

Close the trade as soon as price action shows signs of a possible bullish reversal.

How to use the Fine Fractals Indicator for MT4 - Sell Trade

Conclusion

Fractal Patterns can sometimes produce inconsistent trade signals when used as a standalone trade signal. However, when used in the right trade context, fractal patterns can produce trades with decent accuracy.

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