Drawing Support and Resistance from Fractal Levels
Summary
The document describes a support-and-resistance indicator built from the iFractals indicator. Its implementation accounts for the possibility that the most recent fractal value may be redrawn: after the initial calculation, it copies five extra bars beyond newly added data when recalculating. This detail is intended to keep the plotted levels consistent with the fractal indicator’s changing recent values.
The accompanying instructions explain how to place the standard Fractals indicator on a chart and save it as a template for comparison in the strategy tester. The document says that a tester illustration is provided, but supplies no numerical results, trading rules, or evidence that the levels predict reversals or breakouts. It is primarily an implementation and visual-comparison note, so its practical value lies in understanding recalculation behavior and arranging an indicator comparison rather than evaluating a complete trading strategy.
Key ideas
- The indicator derives support and resistance lines from iFractals values.
- Recent fractal values can be redrawn, so recalculation includes five extra bars.
- The standard Fractals indicator can be saved in a chart template for tester comparison.
- The document provides no quantified performance evidence or complete trading strategy.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.