Fractal Williams Indicator
May 11, 2018, 7:39 AM
Indicators
0 Comments
Another version of the classic Bill Williams indicator: Fractal.
The last two Fractals are plotted with lines on the price chart.
Fractals are highest high or lowest low of the last 3 candles.
//----- Highs -----
ONCE HighCount = Undefined
ONCE HighFractal = Undefined
IF (High > High[1]) AND (High > High[2]) THEN
HighLevel = High
ENDIF
IF (High < HighLevel) THEN
HighCount = HighCount - 1
ELSIF (High >= HighLevel) THEN
HighCount = 0
ENDIF
IF HighCount = -2 THEN
HighFractal = HighLevel
ELSE
HighFractal = HighFractal
ENDIF
//----- Lows -----
ONCE LowCount = Undefined
ONCE LowFractal = Undefined
IF (Low < Low[1]) AND (Low < Low[2]) THEN
LowLevel = Low
ENDIF
IF (Low > LowLevel) THEN
LowCount = LowCount + 1
ELSIF (Low <= LowLevel) THEN
LowCount = 0
ENDIF
IF LowCount = 2 THEN
LowFractal = LowLevel
ELSE
LowFractal = LowFractal
ENDIF
RETURN HighFractal as "High Level", LowFractal as "Low Level"
Download
Filename:
Fractal-Williams-indicator.itf
Downloads:
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