Hi I have been looking into diagonal Fractal channels and was wondering if some one can help modify a indicator to extend the the channel trend lines as they are cut of when a new fractal appears. This does not help in using the trend line as a future S&R point.
I have the attached Fchannel and a MTF fractal indicator and have attached some screen shots to show what would make this a better indicator.
Also to really trade of these S&R lines you would need to make this indicator a MTF. So that you can pull up a 5 min chart and have the 1hr and 4 hr extended trendlines to trade of.
Please see the example screen shots and any programming assitance you can provide will be much appreciated. I think many traders would find this indicator useful.
one last Feature that would make this really good is that Fractal trendlines are only drawn after the 5th candle and for backtesting it would be great to have that trendline a different colour after that point. So for example the trendline connecting the points can be a blue colour and the extended part of the trendline be another e.g orange.
Once we have the indicator developed we can progress on how to trade of these S&R points even though there are many threads on Trading S&R.
Hope some one can help. As it gets a bit tedius drawing these lines.
Byn
I have the attached Fchannel and a MTF fractal indicator and have attached some screen shots to show what would make this a better indicator.
Also to really trade of these S&R lines you would need to make this indicator a MTF. So that you can pull up a 5 min chart and have the 1hr and 4 hr extended trendlines to trade of.
Please see the example screen shots and any programming assitance you can provide will be much appreciated. I think many traders would find this indicator useful.
one last Feature that would make this really good is that Fractal trendlines are only drawn after the 5th candle and for backtesting it would be great to have that trendline a different colour after that point. So for example the trendline connecting the points can be a blue colour and the extended part of the trendline be another e.g orange.
Once we have the indicator developed we can progress on how to trade of these S&R points even though there are many threads on Trading S&R.
Hope some one can help. As it gets a bit tedius drawing these lines.
Byn
Attached File(s)
FChannel.mq4
3 KB

2,259 downloads
MTF_Fractals.mq4
3 KB

3,136 downloads