If you’re looking to enhance your trading strategy, the Modified Fractals Indicator for MetaTrader 5 is a fantastic tool to consider. This indicator is a simple tweak to the classic Fractals Indicator, designed to give you greater control over your trading signals.
With the Modified Fractals Indicator, you can easily adjust the number of bars to the left and right to define new tops or bottoms, along with a shift parameter to optimize your visual analysis.
Take a look at the following chart showcasing the indicator with these parameter settings:
- Left Bars: 10
- Right Bars: 10
- Shift: 0
The left and right bars parameters specify how many bars you need on either side to establish a new top or bottom. The shift parameter can be set to 0 for optimal visualization of these levels.
However, to get the best results from this indicator, it’s essential to select the maximum value between left bars and right bars. This is key to accurately forming those tops and bottoms.
Check out the same chart again, but this time with different parameters:
- Left Bars: 10
- Right Bars: 10
- Shift: 10
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