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Using Recent Fractals to Draw Channel Levels

Article MQL5 code base
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Summary

The document describes an indicator that plots horizontal levels at the most recent upward and downward fractals. It also displays information about the resulting fractal channel in the chart’s upper-left area. This offers a visual way to identify recent swing boundaries that a trader could use when examining price structure.

The text states that the indicator was first implemented in MQL4 and published in 2008. It does not explain how fractals are calculated, how channel information should guide trades, or how the levels perform in testing. No entry, exit, or risk rules are provided, so the indicator description alone does not establish a trading strategy or evidence of predictive value.

Key ideas

  • The indicator marks horizontal levels at the latest upward and downward fractals.
  • It displays information about the fractal channel on the chart.
  • The description provides no trading rules or evidence about the indicator's performance.

Tags

Technical indicatorsBreakout

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.