OPEN-SOURCE SCRIPT
Fractal Framer
Updated
This indicator constructs dynamic high/low price range levels, based on 3 point fractals. Trend lines are drawn (zigzag style) at fractal points when trend direction is clearly established.
This is a lagging indicator: fractals lag by one bar and trend lines can lag by many bars. However, its strength lays in objectively defining historic price action: e.g. support/resistance levels and waves within a trend.
See the comments at the beginning of the script for a complete description.
This is a lagging indicator: fractals lag by one bar and trend lines can lag by many bars. However, its strength lays in objectively defining historic price action: e.g. support/resistance levels and waves within a trend.
See the comments at the beginning of the script for a complete description.
Release Notes
Default behavior is the same...Minor enhancement: Added smarts for plotting zigzag lines at dual fractal bars. Instead of always bisecting the bar, highs or lows are used depending on the trend direction.
Release Notes
Enhancements:
- Add alert conditions for price crossing outer or inner range levels.
- Add user selection for 3 or 5 point fractals... and variations.
- Add user selection for "Trend Direction Method": alternating or consecutive fractal types.
- Better smarts for handling dual fractal bars.
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
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