If you don't know what Williams Fractals are, here is a brief explanation.
Fractals is a lagging indicator used to plot trend reversals on a chart. These appear over a candle at the point of reversal 2 candles after it has occurred. Often times this indicator is used in strategies such as Mumbai Scalping and paired with trend direction indicators and trailing stop indicators such as and SuperTrend.
If you like this script or use it's code in one of yours, please donate.
- PayPal: email@example.com
- Bitcoin: 1foxypuyuoNp5n1LNCCCCmjZ4RAXntQ8X
// Bill Williams Fractal Template // Coded By: Matthew Spencer // If you like this script or use it's code in one of yours, please donate. // PayPal: firstname.lastname@example.org Bitcoin: 1foxypuyuoNp5n1LNCCCCmjZ4RAXntQ8X // Define our title and that this script will overlay the candles. study("Williams Fractals",shorttitle="Fractals", overlay=true) // Define "n" as the number of periods and keep a minimum value of 2 for error handling. n = input(title="Periods", defval=2, minval=2, type=integer) // Williams Fractals are a 5 point lagging indicator that will draw 2 candles behind. // The purpose of the indicator is to plot points of trend reversals. // Often these are paired with trailing stop indicators such as Parabolic SAR, Volatility Stop, and SuperTrend. // Down pointing fractals occur over candles when: // High(n-2) < High(n) // High(n-1) < High(n) // High(n + 1) < High(n) // High(n + 2) < High(n) dnFractal = (high[n-2] < high[n]) and (high[n-1] < high[n]) and (high[n+1] < high[n]) and (high[n+2] < high[n]) // Up pointing fractals occur under candles when: // Low(n-2) > Low(n) // Low(n-1) > Low(n) // Low(n + 1) > Low(n) // Low(n + 2) > Low(n) upFractal = (low[n-2] > low[n]) and (low[n-1] > low[n]) and (low[n+1] > low[n]) and (low[n+2] > low[n]) // Plot the fractals as shapes on the chart. plotshape(dnFractal, style=shape.arrowdown, location=location.abovebar, offset=-2, color=olive, transp=0) // Down Arrow above candles plotshape(upFractal, style=shape.arrowup, location=location.belowbar, offset=-2, color=maroon, transp=0) // Up Arrow below candles