[RS]Fractal Levels V1 — Indicator by RicardoSantos

EXPERIMENTAL: update to previous version, added a average of the fractal levels and the ability to hide the diferent components.

https://github.com/ricardosantos79
https://trello.com/b/0PvVek8K/rs-pinescript-indicators

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

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Want to use this script on a chart?

study("[RS]Fractal Levels V1", shorttitle="[RS]FL.V1", overlay=true)
hidefractals = input(false)
hidelevels = input(false)
hideaverage = input(false)

topfractal = high < high[1] and high[1] < high[2] and high[2] > high[3] and high[3] > high[4]
botfractal = low > low[1] and low[1] > low[2] and low[2] < low[3] and low[3] < low[4]

plotchar(hidefractals ? na : topfractal, text="Fractal", location=location.abovebar, offset=-2)
plotchar(hidefractals ? na : botfractal, text="Fractal", location=location.belowbar, offset=-2)

topfractals = topfractal ? high[2] : topfractals[1]
botfractals = botfractal ? low[2] : botfractals[1]

topfcolor = topfractals != topfractals[1] ? na : black
botfcolor = botfractals != botfractals[1] ? na : black

plot(hidelevels ? na : topfractals, color=topfcolor)
plot(hidelevels ? na : botfractals, color=botfcolor)

fractalma = avg(topfractals, botfractals)
plot(hideaverage ? na : fractalma, color=blue, linewidth=2)