This indicator constructs dynamic high/low price range levels, based on 3 point fractals. Trend lines are drawn (zigzag style) at fractal points when trend direction is clearly established.
This is a lagging indicator: fractals lag by one bar and trend lines can lag by many bars. However, its strength lays in objectively defining historic price action: e.g. support/resistance levels and waves within a trend.
See the comments at the beginning of the script for a complete description.
Versionsinformation
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Default behavior is the same...
Minor enhancement: Added smarts for plotting zigzag lines at dual fractal bars. Instead of always bisecting the bar, highs or lows are used depending on the trend direction.
Versionsinformation
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Enhancements:
Add alert conditions for price crossing outer or inner range levels.
Add user selection for 3 or 5 point fractals... and variations.
Add user selection for "Trend Direction Method": alternating or consecutive fractal types.