When it comes to trading, understanding different indicators can make all the difference. Today, let's dive into the Fractal Levels indicator, which offers some unique features compared to the standard fractal indicator popularized by B. Williams.
Key Features of the Fractal Levels Indicator
- Customizable Fractal Shoulders: One standout feature is the ability to choose the fractal's shoulder. This refers to the number of bars needed on either side of the middle bar to form a fractal. For instance, if you set the FractalBars parameter to 3, you'll need 7 candles to create a valid fractal.
- Support and Resistance Lines: Once a fractal is formed, the indicator draws horizontal lines from each fractal point. These lines serve as potential support and resistance levels, which can be crucial for your trading strategy.
As a quick tip, consider using the Fractal Levels indicator in conjunction with the DEMA indicator instead of the traditional three moving averages (as suggested by Williams). Many traders have found that this combination yields promising results—at least, that's been my experience!
In conclusion, incorporating Fractal Levels into your trading toolkit can provide valuable insights and enhance your overall strategy. Give it a try and see how it works for you!
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