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The Fractals Alert is a specially developed trading algorithm used to identify the optimal moment to enter the current market. To perform calculations, the indicator uses Fractal patterns, with the help of which it identifies the candle on which it plays the signal. However, sometimes, the indicator may be late with signals, and therefore it is better to use it with additional advisers, tools or indicators.
The Fractals Alert indicator is presented in the main window of the price chart in the form of small diamonds of two colors, which, depending on the direction of the trade, are located above or below the candles. In addition, at the choice of the trader in the settings, in the corner the chart displays detailed information about the current market. Taking into account this information, and the indicator values, a signal is formed that allows opening a certain position.
The Fractals Alert indicator is suitable for use on any timeframe, with any currency pairs, as it is equally effective when choosing any values.
Input parameters
The Fractals Alert indicator, in addition to a section responsible for its color scheme and size of values, has a section responsible for its input parameters. The three parameters of the Fractals Alert indicator consist only of those that are responsible for the appearance and general reproduction of signals.
- Display Alerts/Messages (Yes) or (No) - indicator parameter responsible for playing signals that will be displayed in the main window of the price chart. The default value is Yes.
- Email Alert (Yes) or (No) - signal indicator parameter responsible for sending an alert to a previously specified e-mail. The default value is No.
- Display Trade info - indicator parameter responsible for the presence of information about the current market in the chart window. The default value is Yes.
Indicator signals
It is very easy to understand the signals of the Fractals Alert indicator, so it can be used even by novice traders. To begin with, in the settings of the Fractals Alert indicator, it should be selected the type of signal, namely the appearance of a notification in the main window of the price chart or in the form of an email. Thus, the indicator signal will be generated after the appearance of a diamond above or below a certain candle. And depending on its location and, accordingly, the color, a certain position can be opened, confirmed by the incoming signal notification.
Signal for Buy trades:
- Under a certain candle, a diamond of color with a value of growth is formed.
After its appearance, the indicator will generate a signal, after which a long position can be opened. Stop loss should be set for the nearest local minimum. Such a position should be closed after another diamond appears on the chart, allowing open a new position.
Signal for Sell trades:
- A diamond should form above the signal candle, having a color with the value of the fall.
After the appearance of such a diamond, a signal is generated and a notification arrives confirming the opening of a sell trade on this candle. Stop loss should be set at the point of the nearest local maximum. The trade should be closed after a new diamond appears on the chart, with the appearance of which it can be considered opening a new one.
Conclusion
The Fractals Alert indicator is very easy to use not only due to the simplest visualization, but also due to the presence of signals confirming the opening of trades. Sometimes the indicator may not be entirely accurate in choosing a candle and the moment to enter the market, and therefore, in order to avoid unprofitable trades, it is recommended to use this indicator with additional trading tools, and practice through the use of a demo account.
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