The Fractals Levels indicator for Metatrader 4 identifies and draws the best support & resistance levels based on the Fractals indicator.
The indicator is most useful for stop loss placement and setting take profit levels.
The indicator works for any currency pair and time frame.
- Draws support & resistance levels on the chart.
- Based on the Fractal indicator.
- Red color = resistance, blue color = support.
Indicator Example Chart
The picture below shows the Fractals Levels indicator in action on the EUR/USD M15 trading chart.
Buy & Sell Trading Signals Example
Signals from the Fractals Levels indicator for Metatrader 4 are easy to interpret and goes as follows:
Buy Signal: Open a buy trade as soon as price breaks above the orange Fractals resistance line and the underlying trend is upwards.
Place a stop loss 2-3 pips below support or utilize your own stop loss strategy.
Sell Signal: Open a sell trade as soon as price breaks below the blue Fractals support line and the underlying trend is downwards.
Place a stop loss 2-3 pips above resistance or utilize your own stop loss strategy.
Download This Forex Indicator
Adjustable Parameters & Settings
Fractal time frame, extend line, colors, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Recommended Currency pairs: Any + Stocks + Commodities + Cryptocurrencies + Gold
Trading Platform: Metatrader 4 (MT4)
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Fractals
How to install the Fractal Levels indicator in Metatrader 4?
- Copy and paste the fractal-levels-indicator.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button