This indicator constructs dynamic high/low price range levels, based on 3 point fractals. Trend lines are drawn (zigzag style) at fractal points when trend direction is clearly established.
This is a lagging indicator: fractals lag by one bar and trend lines can lag by many bars. However, its strength lays in objectively defining historic price action: e.g. support/resistance levels and waves within a trend.
See the comments at the beginning of the script for a complete description.
This is a lagging indicator: fractals lag by one bar and trend lines can lag by many bars. However, its strength lays in objectively defining historic price action: e.g. support/resistance levels and waves within a trend.
See the comments at the beginning of the script for a complete description.
Phát hành các Ghi chú:
Default behavior is the same...
Minor enhancement: Added smarts for plotting zigzag lines at dual fractal bars. Instead of always bisecting the bar, highs or lows are used depending on the trend direction.
Minor enhancement: Added smarts for plotting zigzag lines at dual fractal bars. Instead of always bisecting the bar, highs or lows are used depending on the trend direction.
Phát hành các Ghi chú:
Enhancements:
- Add alert conditions for price crossing outer or inner range levels.
- Add user selection for 3 or 5 point fractals... and variations.
- Add user selection for "Trend Direction Method": alternating or consecutive fractal types.
- Better smarts for handling dual fractal bars.