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.
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.
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.
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.
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.
MT4 Indicators – Download Instructions
Fine Fractals Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.
Fine Fractals Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
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How to install Fine Fractals Indicator for MT4.mq4?
- Download Fine Fractals Indicator for MT4.mq4
- Copy Fine Fractals Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 4 Client
- Select Chart and Timeframe where you want to test your MT4 indicators
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
- Right click on Fine Fractals Indicator for MT4.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Fine Fractals Indicator for MT4.mq4 is available on your Chart
How to remove Fine Fractals Indicator for MT4.mq4 from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Fine Fractals Indicator for MT4 (Free Download)
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