Forex trading involves complex strategies and technical indicators. One such technical tool is the Bill Williams Fractal Indicator. Designed for use with the MetaTrader 4 platform, this indicator aims to detect breakouts of the Bill Williams fractal level on the instrument chart. Let’s delve deeper into its features and functionalities.
Indicator Installation and Breakout Detection
Once installed on the instrument chart, the indicator identifies breakdowns of the Bill Williams fractal level. When such a breakdown occurs, the signal bar (candle) is marked with a colored pointer (arrow) indicating the direction of the breakdown. The standard Bill Williams Fractal Indicator can be added to the instrument chart for better visual clarity.
Parameter Configuration
The Bill Williams Fractal Indicator allows users to customize its parameters under the Inputs tab. This includes “View Bars,” which sets the number of bars (candlesticks) on the instrument chart used for calculation, and “ShowAlert,” which enables a standard signal and a warning window in the MetaTrader 4 workspace when the indicator is triggered.
Other configurable parameters include “Mail Alert” and “PushAlert,” both of which send notifications via email or to the mobile terminal, respectively, when the indicator is triggered. However, please note that to activate these alerts, you need to pre-configure the respective “Mail” and “Notifications” options of the MetaTrader 4 platform.
Advanced Filter Options
The trading indicator also features two advanced filter options, the “MBFltr” and the “GatorFltr.” The “MBFltr” parameter monitors the position of the closing price of the signal bar (candle) relative to its middle. If the closing price is up to the middle of the signal bar, the signal is disregarded. The “GatorFltr” parameter, on the other hand, uses the standard Bill Williams Alligator indicator as a signal filter.
Color and Size Customization
In the Colors tab of the indicator parameters, users can adjust the color and size of the pointer on the instrument chart. This feature enhances the visual appeal and readability of the chart, making it easier for traders to interpret and understand the market movements.
FAQ Section
How can I test this product?
Independent testing of this product can be viewed on forexroboteasy.com. Additionally, users can subscribe to updates on the results of testing this product.
Can I share my experience of using this product?
Yes, users are invited to share their experiences using the Bill Williams Fractal Indicator. Sharing your experience can provide valuable insights to other forex traders.
Is this an independent product review?
Yes, this is an independent product review. It is not affiliated with any product or service providers, and the views expressed are solely those of the reviewer.
In sum, the Bill Williams Fractal Indicator for MetaTrader 4 offers a comprehensive approach to identifying forex breakouts. With its customizable parameters and advanced filtering options, it is a valuable tool in the toolbox of any serious forex trader.
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