- Show Ideal Fractals Only.
- Use Renko Style Fractals, where open/close values are used instead of high/low to find Fractals. This is used to show the correct Fractals when Renko Wicks are enabled.
- Has an optional Filter to only display Fractals that are above/below a MA Ribbon.
- This code is based on Fractal Levels V8 by RicardoSantos
This is a Renko Chart with "Renko Style Fractals" enabled, notice that the wicks are ignored and only the true Bricks are used for Fractals:
- Modified close/open/high/low series data to security calls to use original candle data to find Fractals. This ensures correct Fractal finding when Heikin Ashi candles are used on the chart.
- NOTE:When using Renko charts always select "Renko Style Fractals"
- Added optional swing alert Arrows and alarmcondition.
- Hint: Alerts can be filtered using the MA filter option, but using reverse lengths: eg. 34 for fast MA and 13 for slow MA.
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.
You might consider updating this such that there are alerts if
a) price is > the william's alligator teeth line (the red basis line of the 3 MA set) and the price closes above the previous fractal resistance.
b) price is < the williams alligator teeth line (the red basis line of the 3 MA set) and the price closes below the previous fractal support.
this is one of the systems I use in trading and I really appreciate the indicator you have made as it has already made identifying these setups much easier!