Fractals Pivots

Which trader does not know pivots? There are a lot of varieties of pivots indicators of which some are a default on most trading platforms. So what better way to challenge yourself then to create your own kind of pivots. Let's welcome the idea of Fractal Pivots.

Williams Fractal or fractals is a technical analysis indicator introduced by the famous trader Bill Williams in his book ‘Trading Chaos’. He developed it on the basis of the Chaos Theory and trading psychology. The indicator is centred around the idea that there is repetition in price behaviour and fractals can provide an insight into those repetitive patterns.

How does the indicator turn these into pivot lines?

The user will set a time period in which the script will look for fractals. It will then remember all the fractals that happen during that time period.
Let's say you are trading the hourly chart with a weekly pivot setting like in the chart this script is published on. The script will highling the 1h fractals that are happening. Then the next week it will use these exact fractals from previous week to draw the pivot lines.

Another example here is an 8h chart. Look how it uses the previous week fractals this week.

Let me know if you find a very great fractal length+timeframe setting where the levels really get respected. I would really appreciate that.

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FREE telegram channel —> t.me/honestalgo
FREE telegram channel —> t.me/honestalgo
Script de código abierto

Siguiendo el verdadero espíritu de TradingView, el autor de este script lo ha publicado en código abierto, para que los traders puedan entenderlo y verificarlo. ¡Un hurra por el autor! Puede utilizarlo de forma gratuita, aunque si vuelve a utilizar este código en una publicación, debe cumplir con lo establecido en las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.

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¿Quiere utilizar este script en un gráfico?