[scorpion]

Fractals indicator is quite good at detecting turning points. Therefore, it's commonly used to identify support and resistance levels at stunning precision. But just one thing, MetaTrader 4 repaints the Fractals. For instance, a Fractal point was shown a few mins ago, but just now it disappears. I personally think this is a cheating. It covers up bad tracks and keeps the good after the fact. That's cheating, isn't it?

Enough for the legacy, here is the new Fractals indicator that doesn't repaint. "Fractals Paint" is its name, for now. It is best used on 30-minute chart. As the word "Paint" implies, this shinny new indicator does paint color to price bars blue or red depending on its signal. Blue bars mean the trend is bull (going up), and red bars mean the trend is bear (going down). If it's not red or blue, either there's no trend (moving sideway) or the signal is conflicting (can go up and can go down).

Again, blue = buy, red = sell, no color = wait. I'll be testing this indicator today (next 3 hours 30 minutes to be precise) before USA Employment Situation data is released. I believe if used in conjunction with fxfisherman economic forecast, this indicator can make us some real money.

To install this indicator to your Metatrader 4, save the FractalsPaint.mq4 to path ..\Program Files\MetaTrader 4\experts\indicators\. After you restart Metatrader, you'll see "FractalPaints" in custom indicators list (on the left).