Fractals with Custom Depth and Time frame

Fractals Indicator with custom depth and time frame support.

Multiple instances of the indicator can be placed on the same chart showing fractals with different depth from different time frames. For example you can have H4, H1 fractals on M5 time frame.

Deeper depth minimizes the false signals for both reversal and breakout traders.

Clustered fractals from different time frames increase the significance of that fractal.

My preference is to use shallow fractals for breakout, and deep fractals for reversals.

Inputs

• Time frame: Any MT4 time frame.
• Fractal Depth: The required depth of the fractal, can range from 1 to unlimited. Depth of 1 produces 3 bar fractals, depth of 2 produces 5 bar fractals, and so on.
• Arrow Shift: Sets the placement of the fractal arrow above or below the fractal bar

Notes

• Use the Colors Tab to:
• Set different colors for Up and Down fractals
• Set different widths and colors for fractals of different time frames