Fractal Support and Resistance Indicator
Best MT4 indicator for defining fractal-based support and resistance. Identifies strong breakout trade setups. Ideal for forex intraday traders.
The Fractal Support and Resistance is a MetaTrader 4 based automatic horizontal support resistance indicator. The fractal line highlights strong support and resistance zone that guide forex intraday traders in defining swing and breakout trading opportunities.
This indicator is an alternative to pivot indicators. Pivot lines are plotted based on the day’s high, low, and close. On the other hand, fractal points are determined depending on the higher highs and lower lows of the price.
Generally, fractal indicator plots frequent arrows signaling for possible trend reversals. If you manually connect those fractal arrows with straight lines, you’ll find both horizontal and dynamic price channels. The specialty of fractal support and resistance is, it automatically connects the fractal points to plot horizontal price channels.
How to trade using the Fractal Support and Resistance MetaTrader indicator
The above 30-minute GBPUSD chart shows how effective the auto fractal channels are in plotting strong support and resistance levels.
The dotted fractal lines represent the weekly S/R levels. On the other hand, the bold colored lines highlight the major intraday event areas of the market. As you can see in the above chart, the price mostly intends to roam inside the fractal channels. Since the horizontal levels of the channel reflect important event areas, the price often rebounds after hitting the S/R zone.
So, when you open an intraday chart, first check the positions of the fractal support and resistance lines. Second, observe the price positions compared to the fractal levels. For example, the price moving right below the fractal resistance means it’s time to look for a sell opportunity.
As you can see in the above example, each time the price plots a pin bar at the fractal lines; it rebounded and started to move in an opposite direction. So, during a ranging movement, we may aim for a buy order when a bullish pin bar is plotted at the fractal support. Oppositely, a bearish pin bar at the fractal resistance is an ideal sign to go short.
Each time the price breaks a fractal level represents a strong possibility of a potential price breakout. For example, the price breaks above the fractal resistance line mean it is a bullish price breakout. Contrarily, for a bearish breakout, wait until the price breaks below the fractal support line. We recommend you set an MT4 alert near the fractal levels. It’ll help you to get noticed whenever the price hits the key support and resistance zone of the market.
The fractal support and resistance is a non-repaint MTF indicator. This means the fractal S/R levels don’t change their positions after the close of each price bar. Also, the fractal lines remain constant when applied in multi-timeframe charts.
Conclusion
Fractal arrow is already a popular trading indicator among forex swing traders. On top of that, fractal support and resistance indicator add an extra advantage for intraday price-action traders. It is a non-repaint indicator; suits multi-timeframe charts, and offers a great advantage for both basic and advanced traders.
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