FineFractalChannel
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The Fine Fractal Channel is a visual trading tool designed to identify and project key price boundaries on a market chart. It works by automatically identifying "Fractals"—which are specific structural pivot points where the price has reached a local peak or valley relative to its immediate surroundings.
By analyzing these patterns, the script builds two distinct dynamic levels:
- Resistance Levels (Red Line): The script scans the market for upward price peaks (Fractals). Every time a new high point is identified, the tool marks that price level. It then maintains this line horizontally across the chart until a new, higher peak is formed. This helps traders visualize "ceilings" where the price may face selling pressure.
- Support Levels (Blue Line): Similarly, the script monitors the market for downward price valleys (Fractals). When a significant low point is detected, it establishes a horizontal line. This line remains active until the price breaks out to create a new historical low. This serves as a visual "floor" to identify areas where buying interest might emerge.
How it functions in practice: Instead of drawing static lines, the script continuously scans the historical data of the asset. It looks for confirmed structural turns and "carries" those price levels forward. The result is a visual channel that maps out the prevailing zones of support and resistance, allowing you to see where the market has historically struggled to move past, helping to simplify the process of identifying potential entry and exit points.
//+------------------------------------------------------------------+
//| Fine Fractal Channel.mq4 |
//| Copyright © 2005 Chris Battles |
//| cbattles@neo.rr.com |
//| |
//|- Requires FineFractals © Denis Orlov |
//|- http://denis-or-love.narod.ru |
//+------------------------------------------------------------------+
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 Red
#property indicator_color2 Blue
//---- buffers
double v1[];
double v2[];
//----
double val1;
double val2;
int i;
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
int init()
{
//---- drawing settings
SetIndexArrow(0, 119);
SetIndexArrow(1, 119);
//----
SetIndexStyle(0, DRAW_LINE, STYLE_SOLID, 2);
SetIndexDrawBegin(0, i-1);
SetIndexBuffer(0, v1);
SetIndexLabel(0, "Resistance");
//----
SetIndexStyle(1, DRAW_LINE, STYLE_SOLID, 2);
SetIndexDrawBegin(1, i-1);
SetIndexBuffer(1, v2);
SetIndexLabel(1, "Support");
//----
return(0);
}
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
int start()
{
i = Bars;
while(i >= 0)
{
val1 = iCustom(NULL, 0, "Fine_Fractals",0,i);
//----
if(val1 > 0)
v1[i] = High[i];
else
v1[i] = v1[i+1];
val2 = iCustom(NULL, 0, "Fine_Fractals",1,i);
//----
if(val2 > 0)
v2[i] = Low[i];
else
v2[i] = v2[i+1];
i--;
}
return(0);
}
//+------------------------------------------------------------------+
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