(Req) Fractal Swing High / Swing low

[gringoh]

Hello,

 

Does anybody know an indicator that would plot only the swing point on the chart like describe bellow (like the one in Pipware Dashboard):

 

Fractal Breakout Strategy

 

As stated earlier, price action moves in waves. Trend direction (up or down) is determined by the consecutive highs and lows.

UP TREND is when these waves are making higher highs and higher lows.

 

DOWN TREND is when these waves are making lower lows and lower highs.

 

Because fractals are highs and lows, they can be used to determine trend direction.

 

Consider the GU H4 chart (right). Prior to point A the trend is upward ie the second low fractal is higher than the first .. the second high fractal is higher than the first.

 

A new low fractal formed at point A and is higher than the previous two low fractals (continuing the UP trend). The candle immediately after point A formed a new high fractal. This fractal is lower than it's previous high fractal indicating a possible change in trend direction. The candle under point B 'breaks' the fractal level of point A (green line). A red arrow is drawn indicating that the trend direction has changed to DOWN.

 

http://www.pipware.com/images/fractals-breakout-explanation.png

 

 

Arrows can be displayed by ArrowsOn=true. Note: arrows are drawn only when a fractal break changes trend direction. For example, after point B, the lower fractals continue to be broken (2 more times).

 

After point B, the trend is considered DOWN until a high fractal gets broken. Just prior to point C, a higher low fractal is formed. The trend direction is still considered DOWN ... no high fractal has been broken yet.

 

At point E, the high fractal of point C is broken. Even though it is a small break a green arrow is drawn at point D indicating a change in trend direction. The trend is now considered to be UP until the next low fractal break.

 

Many thanks for your help.

 

Best,

Gringoh