In the last tip, we saw How to Use the Forex Indicator Stochastic-Oscillator on MT4. Today we will focus on how to use the Forex Fractal Indicator, part of MT4 Indicators.
The Technical Analysis Forex Indicator, FRACTAL, allows us to identify changing points in the Forex market direction.
The rules to identify Fractals are:
- Bearish Fractal: It happens when there is a figure with a Candlestick in between that has the maximum top and two maximum lows to each side.
- Bullish Fractal: It happens when there is a figure with a Candlestick in between that has a minimum low and two minimum tops to each side.
To visualize the Bill Williams fractal indicator we head on over to Metatrader and locate the ‘Navigator‘ menu on the left side.
After locating the Indicators option expand and click on ‘Bill Williams‘
Once that menu has expanded click on the ‘Fractals‘ option and configure the indicator by setting up the color and size of the line.
Using the forex fractal indicator is an integral part of forming your trading strategy. Checkout more trading strategies on Tradeview’s YouTube channel.
Fractals are important to trace trend lines in the Forex market. When we join two fractals we can identify key Supports and Resistance in the market.
MetaTrader 4 Multi Account Manager – MAM Software
The Tradeview MAM plugin is a simple, fast, effective, and reliable addition to the MetaTrader 4 System.