The Fractal Levels indicator for Metatrader 5 is used in Forex to identify potential turning points in the market trend.
The indicator gets displayed on the price chart as blue and purple colored lines connecting the Fractal points.
How to interpret the Fractal Levels indicator?
- The trend is considered bullish when the colored Fractal lines are heading upward.
- This creates a potential buying opportunity,
- The trend is considered bearish when the colored Fractal lines are heading downward.
- This creates a potential selling opportunity,
The following indicator inputs and parameters can be customized: left bars, right bars, style, colors.
Make yourself familiar with this technical indicator and test it first on a demo account.
Fractal Levels can be easily combined with any trading strategy as a trend confirmation tool, or as a standalone Fractal based breakout indicator.
It supports all time frames and Forex pairs.
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The following chart shows how the Fractal Levels Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Fractal Levels Indicator?
Find a simple trading example below:
- In an uptrend, buy a price breakout above the blue colored Fractal Levels line.
- Open a buy trade and place your stop loss slightly below technical support.
- Close the buy trade near previous resistance, or utilize your own take profit method.
- In a downtrend, sell a price breakout below the purple colored Fractal Levels line.
- Open a sell trade and place your stop loss slightly above technical resistance.
- Close the sell trade near previous support, or utilize your own take profit method.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Fractal_Levels.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration