5min Williams Fractals scalping (3commas)

The 5min Williams Fractals scalping (3commas) indicator is a strategy-oriented tool designed for 5-minute timeframe scalping, utilizing Williams Fractals and EMA trend filters to identify high-probability entry points.

Usage

The script is primarily used to identify trend-following reversals within a specific price range defined by two Moving Averages. Unlike traditional fractal interpretation, this strategy takes signals in reverse: a red "bottom" fractal indicates a potential long entry, while a green "top" fractal indicates a potential short entry.

Example Setup:

• Long Entry: Occurs when a down fractal (red) is detected while the price is situated between the Fast EMA and Slow EMA, provided the Fast EMA is above the Slow EMA.
• Short Entry: Occurs when an up fractal (green) is detected while the price is between the Fast EMA and Slow EMA, provided the Fast EMA is below the Slow EMA.
• Exit Logic: The strategy uses the Slow EMA as a dynamic Stop Loss. The Take Profit is automatically calculated as a multiple (Risk:Reward) of the distance between the entry price and the Slow EMA.

Details

The script implements a specific variation of the Williams Fractals algorithm where signals are only valid if they occur within the "EMA gap" or trend zone. It includes a specialized 3commas connector, allowing users to automate trades via custom Webhook signals using the {{strategy.order.comment}} placeholder. To ensure robustness, the strategy also includes a "Pullback Filter" which checks for a specific number of opposite-colored candles before confirming an entry, ensuring the market has retraced sufficiently before the scalping signal triggers.

Settings

Strategy

• Long/Short: Enable or disable specific trade directions.
• Long/Short Target Profit R:R: Sets the reward multiplier relative to the stop loss distance.
• Stop loss not sooner than: A minimum bar count threshold that must pass before a stop loss can be triggered, useful for avoiding premature exits in volatile conditions.

Williams Fractals

• Periods: The number of bars used to calculate the fractal high/low.
• Evaluate WF bar: Determines whether to evaluate the bar where the fractal was confirmed or the current live bar.

EMA Trend

• EMA fast/slow length: Period settings for the trend-defining Exponential Moving Averages.
• Use Ema Gap: When enabled, requires a minimum percentage distance between the two EMAs to ensure sufficient volatility/trend strength.

RSI Filter

• Use RSI Filter: Enables an RSI-based filter to ensure the trend is not overextended.
• RSI direction confirmation: If enabled, longs only trigger on rising RSI and shorts on falling RSI.

FAQ

How do I use this with 3commas?

You must set up a 3commas bot to listen for custom TV signals, input your Bot ID and Token in the script settings, and use the {{strategy.order.comment}} placeholder in your TradingView alert message.

How do I access 5min Williams Fractals scalping (3commas)?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Can I use this on higher timeframes?

While optimized for the 5-minute chart, the logic can be applied to higher timeframes by adjusting the EMA lengths and the RSI filter settings to match the different market volatility.