Fractal Channel MQ4 indicator – Quite interesting method for plotting a channel. Despite the obvious plotting primitivism, it can be useful during the flat level analysis (for example, if you had no access to the terminal in a while, and it is necessary to assess the past events quickly).
Fractals are indicators on candlestick charts that identify reversal points in the market. Traders often use fractals to get an idea about the direction in which the price will develop. A fractal will form when a particular price pattern happens on a chart.
Fractals are composed of five or more bars. The rules for identifying fractals are as follows:
- A BEARISH turning point occurs when there is a pattern with the highest high in the middle and two lower highs on each side.
- A BULLISH turning point occurs when there is a pattern with the lowest low in the middle and two higher lows on each side.