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Yes ...Mike...I know its not going to work...but according to the thread it did mention Trade Station...so what Im really trying to do here is find out if anyone would or could help me find a fractal indicator that will work with TS???
While i1< maxFracsBack
And Swinglow (i1, low, swingstrength, swinglength) <> -1
And stp_now=False begin
Value3=SwingLow (i1, Low, SwingStrength, SwingLength);
If Value3>blRed or value3>Value2
Then i1=i1+1
Else stp_now=True;
end;
If stp_now then dnFrac = Value3
Else dnFrac= -1;
stp_now = false;
i1 = 1;
While i1 < maxFracsBack
And SwingHigh (i1, High, SwingStrength, SwingLength) <> -1
And stp_now = False begin
Value4 = SwingHigh (i1, high, SwingStrength, SwingLength);
If value4<blRed or value4 < Value1
Then i1 = i1+1
Else stp_now = TRUE;
end;
If stp_now
Then upFrac = Value4
Else upFrac = -1;
If upFrac <> 0 and upFrac <> -1 then plot1 (upFrac, "UPFract");
If dnFrac <> 0 and dnFrac <> -1 then plot2 (dnFrac, "DNFract");
// End Easylanguage Code
Fractals are nothing special. You can use the Swing indicator that comes with NinjaTrader to display them. Bill Williams defined a fractal as a swing high or low with a swing strength of 2.
NinjaTrader also comes with a some Bill Williams indicators already programmed in. Bill Williams in his second book I think, introduced the awesome oscillator to help filter "bad" fractal trades. All the AO is a MACD built from a 5 SMA and a 34 SMA. He introduced the alligator as well...something like that. You'll have to research.
I extensively researched fractals. They may have worked for Bill back in the 80s on currency pairs, but they do not work today. Or to put another way, I didn't transpose any discernible edge from trading fractals. His books are pretty good though.
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- Trade what you see. Invest in what you believe -
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Thanks. I couldn't remember the name of the Swing indicator, since I'm not on NT any more. There's also the Price Action Swing indicator in the FIO downloads section, with does the same thing on a the basis of a different calculation. I think every platform will probably have something like this. Sierra Chart has one called ZigZag that does the same thing.
The problem with anything of this nature is that it has to wait for a certain number of bars before concluding that a turn has happened. So while it can be useful in automatically drawing short-term support or resistance levels for you, it's just doing what you would do yourself if you eyeballed a chart and said, "Oh, it turned here, I'll draw my line from it." It can't tell you anything about the future, other than whatever you can obtain from any support or resistance line.
You can just put the Swing indicator on your chart and see if you can use it. Don't expect miracles, though.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
Always stunned the indis that TS doesn't have.
