PP Fractals for Rising Support and Falling Resistance Lines
Summary
This indicator identifies high and low fractals from configurable numbers of bars before and after each candidate. It then connects selected fractal pairs with forward extending rays: resistance lines must slope downward between highs, while support lines must slope upward between lows. Optional settings control whether each line type and the marked fractal points are displayed.
The explanation gives examples of how changing the bar counts changes the pattern being detected, including a setting that looks across several minutes of one second bars. It describes indicator behavior rather than testing a trading strategy, and provides no performance evidence. Fractals are confirmed only after the specified bars after the candidate have formed, so signals are delayed; the drawn levels alone do not establish trade entry, exit, or risk rules. The indicator is also specified for ProRealTime version 11 and later.
Key ideas
- BarsBefore and BarsAfter set how many surrounding bars define a fractal.
- High fractals are linked only when their connecting line slopes downward.
- Low fractals are linked only when their connecting line slopes upward.
- Support rays, resistance rays, and fractal point markers can be toggled independently.
- The document describes chart visualization and supplies no evidence of strategy profitability.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.