Even though there are a many other Fractal and Level indicators, this indicator has some unique features. The indicator will display Fractals, fractal levels and HH/LL points, they will only be drawn after they have completed. Also the indicator has options to :
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.
References:
This code is based on [RS]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:
Note di rilascio
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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"
Note di rilascio
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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.
Can someone briefly explain the Ideal fractal option to a layman.
Arter
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Thank you for your work! Could you make an option to extend fractal level lines to the right of the screen until crossed by the price? (The same principle as used in tradingview's indicator "Sessions volume profile": lines of sessions point of control can be extended to the right, they are drawn until crossed by the price).
JustUncleL
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@Arter, Not really, the point of the Fractal level line is to draw it only while it is still the most recent level. From my understanding of Bill Williams Fractals and Levels, he really only considers the latest Fractal and it's level in his trading methods. Also for me, continuing all Fractal lines until they hit something will be quite messy looking chart of lots of horizontal lines, I consider there are better alternatives like my SweetSpot Gold RN levels. Of coarse, as with all my scripts, you can make your own version and perform the changes required yourself, as long as my original script is mention in your code.
itsjustanalysis
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Marvelous and excellent work as always!
JerHong
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Thanks, UncleL. Great stuff!
Jrr7885
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Hi I was wondering if this indicator could show (muti time frame ) fractals from the higher time frame ,say the daily levels on the 4 hr chart
rcjames
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Dear JustUncleL, I love this indicator thanks a lot for it! Do you think you can upgrade to version 5? its being a while you did not upgrade this one. It will be amazing if you can upgrade it to the new version.
crypto_lantern
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Can you update this script with Ricado Santos's V9? thanks
JustUncleL
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@crypto_lantern, This script is on a different development path to Ricado Series. The functions of this script are now performed in my "Pivot HiLo Support n Resistance Levels" script, so I am no longer modifying this script.
420snoop
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@JustUncleL thanks as always you really are amazing!
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!