Williams Fractals with alerts

The Williams Fractals with alerts indicator identifies potential turning points in the market by highlighting specific price patterns, offering an optimized way to receive real-time notifications for trend reversals.

Usage

The Williams Fractals with alerts can be used to spot potential local highs and lows on a chart. Traders typically use these points as support and resistance levels or as entry/exit signals when a fractal is confirmed.

• Bullish Reversal: An Up Fractal (green triangle) appears above a bar, indicating a potential downward move or resistance level.
• Bearish Reversal: A Down Fractal (red triangle) appears below a bar, indicating a potential upward move or support level.

Because fractals require a specific number of bars to confirm (determined by the "Periods" setting), the shapes are plotted with an offset. For example, if the period is set to 2, the fractal will appear on the chart 2 bars back once the current bar closes and confirms the pattern.

Details

Williams Fractals are based on a five-bar pattern (when periods = 2) where the middle bar has the highest high or lowest low of the group. This script implements the standard Williams Fractals logic but expands the compatibility of the pattern to handle complex scenarios where multiple bars share the same high or low.

The primary enhancement of this version is the integration of alert conditions. Users can set alerts for individual up or down fractals, or a general alert that triggers whenever any fractal pattern is identified.

Settings

• Periods: Defines the number of bars required on each side of the central bar to identify a fractal. The default is 2, which creates the classic 5-bar fractal pattern.

FAQ

How do I access Williams Fractals with alerts?

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

Why does the fractal appear a few bars behind the current price?

Fractals require "future" price action (relative to the signal bar) to confirm the peak or trough. With a period setting of 2, the indicator must wait for 2 bars to close after the high/low to confirm the pattern.

Can I change the color of the fractal triangles?

Yes, you can modify the visual appearance, including colors and shapes, within the "Style" tab of the indicator settings on TradingView.