Created by:
konKop, GOODMAN, Mstera, af + wellx
The wlxFractals indicator is a powerful tool designed for drawing Bill Williams' fractals, allowing you to define the number of significant bars both to the left and right of your focal point.
In technical terms, a Bill Williams' fractal consists of a series of at least five consecutive bars. This includes two bars that sit before and after the highest high, both of which have lower highs. Conversely, a sell fractal is identified by a series of five bars where the two bars before and after the lowest low display higher lows. On your trading chart, these fractals are represented by arrows pointing upwards for buys and downwards for sells.
However, it’s essential to filter the signals provided by the wlxFractals indicator using the Alligator indicator. This means that you should avoid entering a buy trade if a fractal is positioned below the Alligator's teeth, and steer clear of a sell trade if a fractal is above them. Once a fractal signal is established and is valid—determined by its position beyond the Alligator's jaws—it remains a signal until it’s triggered or a newer fractal signal appears.
The original wlxFractals indicator was developed using the MQL4 programming language and was first published on the CodeBase back on August 7, 2006.
Figure 1. The wlxFractals Indicator
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