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Fractal Levels [BigBeluga]

By BigBeluga
The Fractal Levels - BigBeluga indicator is a specialized tool that detects significant market highs and lows, ranking them by their normalized volume. This indicator is designed to help traders identify crucial price levels that are likely to influence market behavior, enabling better decision-making in trading. By gathering normalized volume around each fractal point, it creates a comprehensive view of the strength and relevance of price reversal points, which can be visualized as numbers or zones on the chart.

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🔵KEY FEATURES & USAGE

● High and Low Detection with Volume Ranking:
The indicator detects market highs and lows using a user-defined length setting. For each detected fractal point (high or low), it collects normalized volume from a set number of bars before and after the fractal point (the number is based on the length input). This collection allows the indicator to produce an average of the normalized volume, which is then displayed as a number above or below the corresponding fractal arrows, visually indicating the importance of the high or low.
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● Plotting Levels from Fractals:
From these high and low points, the indicator plots key levels. In settings, traders can choose between a wide or tight zone type.
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If a price level coincides with multiple pivot points, the indicator highlights this as a significant zone. These zones represent areas where price tends to react, making them critical for identifying potential support and resistance levels.
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● Fractal Boxes with Delta Volume Data:
Fractal boxes are shown as gray boxes, representing areas where price pivots occurred, and they also contain delta volume information. Delta volume is calculated by summing the positive and negative volumes within the length range, producing the total delta inside each fractal box. This is particularly useful for analyzing volume shifts around key levels.
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● Broken Levels Highlighting:
When a plotted level is broken (price closes above or below it), the level can be removed from the chart automatically. However, in the settings, you can enable a feature to highlight broken levels as gray areas, providing insight into past price behavior. This is helpful for tracking historical support and resistance zones.
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> Important note: If no volume data provided indicator wont work
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🔵 CUSTOMIZATION

  • Fractal Length and Filter Settings:
    Adjust the Length parameter to control the number of bars used to detect pivot highs and lows. A longer length will result in fewer fractals being identified, focusing on more significant price moves. The Filter option allows you to set a volume threshold, filtering out minor fractals that do not meet the minimum volume requirements.
  • Levels Detection (Wide or Tight):
    Choose between Wide and Tight zones for fractal levels detection. A tight zone focuses on smaller price areas around pivot points, while a wide zone expands the detection range, highlighting larger zones of influence around fractals.
  • Delta Volume Display for Fractals:
    Toggle Delta Volume Fractals to show or hide the delta volume information inside fractal boxes. When enabled, the indicator calculates and displays the total delta volume within the range of bars surrounding each fractal point.
  • Broken Levels Visibility:
    Enable Broken Levels to highlight levels that have been crossed by price. When disabled, broken fractal levels will be removed from the chart after price crosses them.



🔵CONCLUSION
The Fractal Levels [BigBeluga] indicator provides traders with an advanced way to analyze price highs and lows by combining fractal detection with volume dynamics. By identifying key market levels through normalized volume ranking, delta volume analysis, and level plotting, this tool is invaluable for spotting potential support and resistance zones. Whether you're focusing on short-term trading or longer-term price movements, Fractal Levels [BigBeluga] offers the precision and flexibility needed to optimize your strategy.
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In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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