OPEN-SOURCE SCRIPT
Fractal Breakout Oscillator (BETA)
Fractal Breakout Oscillator (BETA)
This custom indicator is designed to help traders identify local tops and local bottoms using fractal analysis, price distance, and trend direction. It combines weighted components to generate the Fractal Breakout Oscillator (FBO). The oscillator reacts to extreme levels in price and trend behavior, with the ability to adjust sensitivity and smoothing parameters.
Components and Usage
1. Fractal Detection:
o Detects fractal tops and bottoms using a 3-bar pattern.
o The number of fractals averaged can be adjusted with the Fractals for Average parameter.
2. Oscillator Calculation:
o Combines price distance, trend direction, and fractal frequency using adjustable weights.
o Use the sensitivity control to tune how strictly the fractal signals respond.
o Extreme values of the oscillators indicate potential overbought or oversold conditions.
3. Customization:
o Customize top/bottom marker colors.
o Enable multipliers (e.g., Golden Ratio) to refine component behavior.
o Adjust smoothing periods and lookback to improve signal reliability.
Disclaimer
This indicator is provided for educational and research purposes only. It should not be considered as financial or trading advice. Always perform your own analysis and consult a financial advisor before making trading decisions. Past performance does not guarantee future results.
This custom indicator is designed to help traders identify local tops and local bottoms using fractal analysis, price distance, and trend direction. It combines weighted components to generate the Fractal Breakout Oscillator (FBO). The oscillator reacts to extreme levels in price and trend behavior, with the ability to adjust sensitivity and smoothing parameters.
Components and Usage
1. Fractal Detection:
o Detects fractal tops and bottoms using a 3-bar pattern.
o The number of fractals averaged can be adjusted with the Fractals for Average parameter.
2. Oscillator Calculation:
o Combines price distance, trend direction, and fractal frequency using adjustable weights.
o Use the sensitivity control to tune how strictly the fractal signals respond.
o Extreme values of the oscillators indicate potential overbought or oversold conditions.
3. Customization:
o Customize top/bottom marker colors.
o Enable multipliers (e.g., Golden Ratio) to refine component behavior.
o Adjust smoothing periods and lookback to improve signal reliability.
Disclaimer
This indicator is provided for educational and research purposes only. It should not be considered as financial or trading advice. Always perform your own analysis and consult a financial advisor before making trading decisions. Past performance does not guarantee future results.
Skrip open-source
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