Fractals (ShowMe)
Disclaimer
Input Information
| Name | Expression | Default | Description |
| HighStrength | Numeric | 2 | Number of bars required to identify a fractal high. |
| LowStrength | Numeric | 2 | Number of bars required to identify a fractal low. |
| ShowFractalHighs | Numeric | 1 | Enter 1 to mark the fractal highs. Enter any other value to prevent marking of the fractal highs. |
|
FractalHighOffsetTicks |
Numeric | 1 | Number of ticks that the marker will be offset above the fractal high price. |
| ShowFractalLows | Numeric | 1 | Enter 1 to mark the fractal lows. Enter any other value to prevent marking of the fractal lows. |
| FractalLowOffsetTicks | Numeric | 1 | Number of ticks that the marker will be offset below the fractal low price. |
Reference
Bill Williams, PhD, "New Trading Dimensions" (John Wiley & Sons, Inc., 1998)
Description
The Fractals ShowMe study identifies high and low fractals per Chapter 4 (see reference above). A minimum of 5 bars are required to identify the pattern.
For a High fractal, the fractal bar must have 2 bars on the right and 2 bars on the left that have lower Highs. For the bars to the left, a bar that has the same High cannot be counted as one of the 2 'lower' bars. For the bars to the right of the fractal bar, you can't have a bar with a High that equals the high of the fractal bar, which invalidates the pattern.
By default, it places a dot at the high price of the bar plus 1 price tick (FractalHighOffsetTicks input is set to 1 by default) when a fractal high is idendified and it places a dot at the low of the price bar minus 1 price tick (FractalLowOffsetTicks input is set to 1 by default) when a fractal low is identified.
Fractals are used to identify potential support and resistance levels, with a fractal high indicating a potential resistance level, and fractal low indicating a potential support level.
This study is only available in Charting.
This ShowMe study contains alert criteria; when you enable the alert, an alert is triggered each time a fractal is found. Due to how fractals are calculated, you will be notified x number of bars after the fractal has occurred (where x is the number you input for the "HighStrength" input (for a fractal High) or the "LowStrength" input (for a fractal Low)).