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Fractal Levels

The Fractal Levels indicator for MT5 displays fractal levels on the chart. The Fractal Levels Indicator MT5 is a great tool for Forex traders, as it helps them identify potential trading opportunities and manage their risk.

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Description

The Fractal Levels indicator for MT5 is a Forex trading indicator built with algorithms to identify the fractal levels of an instrument. Fractals are zones with repetitive price patterns in the financial trading industry, which indicates potential support and resistance zones.

Essentially, the price reverses at a fractal level or breaks out for trend continuation. So, the indicator makes it easy for Forex traders to identify fractal levels and anticipate certain price movements at such zones. It can be a valuable trading tool for scalpers, day/intraday, and swing traders to identify trend reversal or breakout trading opportunities.

Furthermore, the indicator is beginner-friendly, which makes it suitable for beginner and experienced traders.

Features of the Fractal Levels Indicator for MT5

The indicator depicts the fractal support level with a red horizontal line, while the lime-green line represents the fractal resistance level. Besides, it displays upward and downward fractal breakouts with a lime-green and red colored dot, respectively. The breakout fractals (upward/downward) suggest a potential bullish or bearish trend condition of a financial instrument.

Furthermore, the indicator comes with flexible setting parameters, which allows Forex traders to determine the number of left and right candlesticks to build fractals.

Benefits of Trading With the Indicator

  • Enhances Trend Analysis: The indicator simplifies technical analysis by displaying fractal levels. This enables traders to focus on such levels for potential reversal or breakout for trend continuation.
  • Helps Traders Identify Trading Opportunities: The indicator can be used as a stand-alone tool to identify buying and selling opportunities in the financial market. For instance, a trader might consider buying an instrument if the price breaks out and retests the upward fractal level.

Indicator Settings Description

The indicator comes with the following customizable settings:

LeftBars: Determines the minimum number of candlesticks to the left to identify a fractal.

RightBars: Determines the minimum number of candlesticks to the right to identify a fractal.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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