Introduction to the WLX Fractals Forex Indicator
The WLX Fractals Indicator is just another variation of the well-known fractals indicator. It’s based on a simple price pattern that is frequently seen in forex and other financial markets. One thing you should know when trading with these forex fractals is that they are confirmed after at least 2 candles.
The WLX Fractals Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
Example trade with the WLX Fractals Indicator
Below is the screenshot of an example trade with the WLX Fractals Indicator.
We added 100-period Exponential Moving Average to define the overall market trend. In the case above, the trend is obviously downwards. A blue fractal appeared on the chart, and the trade was triggered two candles after that. The trade was closed after red confirmed fractal.
How to set up the WLX Fractals Forex Indicator in MetaTrader (MT4)?
Download the WLX Fractals.rar archive at the bottom of this post, unpack it, then copy and paste the WLX Fractals.ex4 or WLX Fractals.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The WLX Fractals indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT4 WLX Fractals Indicator
To download the WLX Fractals Indicator for Metatrader 4 (MT4) for free just click the button below: