OPEN-SOURCE SCRIPT
Deep_Fractal_Signals_and_Rubber_Band_Trades
Diupdate
This indicator is based on Williams Fractals and the TopDog Trading "Rubber Band Trade"
The Deep Fractal Signals are triangles that indicate the price is forming a pattern of decreasing lows in a down trend (orange) or, increasing highs in an up trend (green).
The triangles are placed above or below the last bar of the pattern, unlike Fractals which are drawn 2 candles prior to the current candle, and are re-painted on the chart.
When the triangle is indicated above the moving average in a down trend (blue), or below the moving average in an up trend (yellow), this is a Rubber Band Trade.
When the slope of the moving average is less than the Gain set by the user, or are counter-trend, the triangles are plotted in silver.
When used in conjunction with the Power Analyzer indicator, a signal to the long side should be taken when the Power Analyzer momentum indicator is at a cycle low. Similarly, a signal to the short side should be taken when the indicator is at a cycle high.
The first, second or third signal in a new trend have the highest probability of a follow through.
The indicator sometimes gives a false signal at the very end of the trend, just before the market reverses. This is an attempt by the Market Makers to persuade traders that the trend will continue.
Please leave a comment and "Like" this indicator if you find it useful.
FX Engineering
The Deep Fractal Signals are triangles that indicate the price is forming a pattern of decreasing lows in a down trend (orange) or, increasing highs in an up trend (green).
The triangles are placed above or below the last bar of the pattern, unlike Fractals which are drawn 2 candles prior to the current candle, and are re-painted on the chart.
When the triangle is indicated above the moving average in a down trend (blue), or below the moving average in an up trend (yellow), this is a Rubber Band Trade.
When the slope of the moving average is less than the Gain set by the user, or are counter-trend, the triangles are plotted in silver.
When used in conjunction with the Power Analyzer indicator, a signal to the long side should be taken when the Power Analyzer momentum indicator is at a cycle low. Similarly, a signal to the short side should be taken when the indicator is at a cycle high.
The first, second or third signal in a new trend have the highest probability of a follow through.
The indicator sometimes gives a false signal at the very end of the trend, just before the market reverses. This is an attempt by the Market Makers to persuade traders that the trend will continue.
Please leave a comment and "Like" this indicator if you find it useful.
FX Engineering
Catatan Rilis
1. Updated algorithm for higher accuracy signals in both directions.2. Added Alert variable to make setting up alerts easier. Set the alert at "Greater than" and Value = 0.
3. The MA for Deep Fractals is now separate from MA for Rubber Band trades.
4. The MA for Deep Fractals is now an EMA.
Skrip open-source
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