4 Power Fractal Bands

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Four moving average bands, based on the golden proportion (Phi, 1.618).

Allow, in a combined fashion, for a better understanding of price trend and structure.

Each band represents a relevant fractal size, and depending whether they are turned upwards or downwards, and aligned or not, it is possible to better orient one's expectations towards more likely price direction. Discreet levels or areas are also more likely points of reversal.

When bands are turned upwards, they get a darker green background when expanding, and a lighter one when contracting. Same goes with bands turned downwards, but with the red color.

Larger fractals / bands represent, naturally, more powerful forces.

Can be used also with other sources (e.g. OBV).

Important 1: no explicit buy or sell signals are intended by the use of this reading. It is still necessary to consider other aspects, including risk managament, before entering or exiting a trade. Still, the reading facilitates picking a side with better odds of success.

Important 2: This version is intended for testing and feedback from within coder's network of contacts.

If you are interested in learning more about the theories behind this indicator, please DM.

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Updates:

Support for Micro Fractal (Supertrend).
Trend analysis w/ Fractal Sizes Options.

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Version 1.2:

• Now it's possible to control if Small, Medium, Large or XLarge Fractals are printed as well.
  
• Bands will show attention colors if price is below positive fractals' middle lines, or above negative fractals' ones (can be turned off).
  

٢ يوليو ٢٠٢٠

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Minor changes.