Forex market can be chaotic and confusing. However, it does have recurring patterns that may help to predict where the price will move next. Fractal patterns are one of these recurring patterns. The Fractals Alert Indicator, a custom technical indicator that traders can use to indicate potential trades based on fractal pattern data, is the Fractals Alert Indicator.
The Fractals Alert Indicator uses fractal patterns to identify trade signals. When it detects bullish fractal patterns, it plots a blue symbol of a diamond below a price symbol. If it detects bearish fractal patterns, it plots a red symbol of a diamond above a candle.
This indicator will also alert you if it detects a fracture symbol.
You can toggle it to show the trader's account details and the details of any trade based upon the fractal alarm.
The indicator's indicator script uses an algorithm to identify fractal patterns. It scans five candles and determines whether the middle candle has the highest or lowest high. This is what defines a fractal patterns. The alert signal is sent when it detects a pattern in fractal patterns and plots the diamond symbols.
The indicator offers traders several options that they can toggle between within the indicator settings.
"Display Alerts/Messages" toggles between the on- and off-screen alerts for fractal reverse signals.
"Email Alert" toggles push notifications to the traders email on or off.
"Display Trade Info" toggles between the display of trader account information and trade signal information in the upper left corner.
As intended, this indicator can also be used to indicate a momentum reverse signal. Traders might choose to trade in the direction indicated by the signal alert as soon as it appears. It is best to use it as a confirmation of trade entry in conjunction with other technical indicators for greater accuracy.
How to Enter?
After a buy alert has been indicated, open a buy order. A blue diamond symbol should be plotted below the pattern. Place the stop loss below fractal pattern.
When do you want to exit?
If price action indicates a bearish reversal, close the trade immediately.
Once a sell alert has been indicated, open a sale order and place a red diamond symbol above the fractal patterns. Place the stop loss at the top of the fractal pattern.
If price action indicates a possible bullish trend reversal, close the trade immediately.
Fractals can be described as five candle patterns. The indications of the diamond symbol are two candles behind the actual entry candle. Some traders may be tempted to trade too late. It is better to trade signals that have tight patterns, as they are more likely to move with strong momentum.
Indicators - Download Instructions
Fractals Alert indicator for MT4 (Metatrader 4 or MT4) is a technical indicator. It transforms the accumulated historical data.
The Fractals Alert indicator for MT4 allows you to spot patterns and peculiarities in price dynamics that are not visible to the naked eye.
This information allows traders to assume additional price movements and adjust their strategies accordingly. Click Here for MT4 Strategies
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