PFCC - Pivot Fractal Chaos Channel [Open Source]

With the release of my indicator "TOTC - Trade outside the Channel", the Pivot Fractal Chaos Channel used there has attracted significant interest.

Due to requests from some users, I am happy to publish the source code of the PFCC - although it is not "new" and has been implemented in many other scripts in one way or another. Some Examples:

• Support and Resistance Levels with Breaks: www.tradingview.com/...els-with-Breaks-LUX/
  
• Support Resistance MTF: www.tradingview.com/...port-Resistance-MTF/
  
• Pivot Points High Low (HH/HL/LH/LL): www.tradingview.com/...ow-HH-HL-LH-LL-Anan/
  

The code is briefly commented. Please feel free to use or further customize it ... And, of course, I would be happy to be named and/or linked. If you're satisfied, maybe buy me a coffee ;-)
I'm curious to see how this indicator will develop with more ideas - Please keep me updated by commenting below or by sending me a message.

Let's take a quick look at the function and idea
PFCC - "Pivot Fractal Chaos Channel" or also known as "Fractal Chaos Band" can serve as a baseline trend indicator for your strategy.

Essentially, the "Fractal Chaos Channel" shows an overall panorama of price action. As they filter out the insignificant price fluctuations. The upper level is created by drawing price highs and the lower level is created by drawing price lows.

Two Ideas, how this indicator can be used

• Trend indicator: If the price breaks the upper line, it could be taken as a buy signal. If the price breaks the lower line, it could be taken as a sell signal.
  
• Trailing Stop Loss: You can track the stop loss with the rising line in case of a buy trade. On the other hand, you can track the stop loss with the falling fractal line in case of a sell trade.
  

What do I need to consider?
It may be advisable to add further indicators and an analysis of the market structure in order to confirm the signals issued by the indicator. Please note that when you make adjustments to any strategy, you always carry out particularly detailed tests.

You would like to use this indicator, but you have adjustment requests, you want to have additional filters or features implemented, ...?
I am happy to create individual indicators based on "PFCC - Pivot Fractal Chaos Channel" or your ideas. Write me a message and we will discuss the details and conditions.

Release Notes:

What has been implemented?

• Function: Added Alerts when price crosses PFCC Upper or Lower Band. How to use it: To use alerts, select 'Any alert() function call' in the 'Create Alert' dialog. If you change the triggering frequency, create the alert from scratch to be on the safe side.
  

#revision: dv63o