PZ Reversals Fractals Indicator for MT4 and MT5

Written by Dominic Walsh · Published 23 Jun 2026 · Last updated 24 Sep 2026

Fractals find turns; this build adds a plan to each one. The pz reversals fractals indicator marks confirmed Bill Williams fractals that agree with a 50-bar exponential trend, and places a stop dot and a target dot beside each mark, measured in average ranges.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5; the screenshots below come from EURUSD H1.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	4: Buy Reversal, Sell Reversal, Stop Level, Target Level
Alerts	popup, push notification, email, sound
Inputs	13

What you get on the chart

Two marks and two level dots on price.

`Buy Reversal` prints lime at width 2 with arrow 233.

`Sell Reversal` prints red at width 2 with arrow 234.

`Stop Level` dots orange with code 158.

`Target Level` dots dodger blue with code 159.

A status block lists the settings.

• Buy Reversal: arrow, lime, width 2, arrow code 233
• Sell Reversal: arrow, red, width 2, arrow code 234
• Stop Level: arrow, orange, width 1, arrow code 158
• Target Level: arrow, dodger blue, width 1, arrow code 159

How it all fits together

The fractal

`InpFractalBars` `2` bars on each side must stay beyond the turn. That is the classic Williams rule.

The trend check

With `InpUseTrendFilter` on, a buy needs the close above the `InpEmaTrendPeriod` `50` line. A sell needs it below.

Stop and target

`InpStopAtrMult` `1.5` ranges beyond the turn sets the stop dot. `InpTargetAtrMult` `3.0` ranges the other way sets the target.

Putting it to work

A lime mark sits under a confirmed low.

Orange dots show the stop distance.

Blue dots show the target distance.

The target sits twice as far as the stop.

`InpNonRepaint` `true` skips the forming bar.

Warm-up needs about fifty bars.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

A new fractal reversal is what reports. `InpEnableAlerts` is the master switch; the popup and the sound playing `InpSoundFile` ship on, while the phone and email routes stay off.

Every PZ Reversals Fractals Indicator input

Core settings

Setting	What it does	Default
InpFractalBars	Fractal half-window (Bill Williams = 2). Bars on each side of a turn, `2`.	2
InpEmaTrendPeriod	Trend filter EMA. Trend line length, `50`.	50
InpUseTrendFilter	Confirm with EMA trend. Demand the trend side, `true`.	on
InpAtrPeriod	ATR period. Range window, `14`.	14
InpStopAtrMult	Stop = ATR * mult. Stop distance in ranges, `1.5`.	1.5
InpTargetAtrMult	Target = ATR * mult. Target distance in ranges, `3.0`.	3.0
InpNonRepaint	Skip current bar (non-repaint). Skip the forming bar, `true`.	on

Alert settings

Setting	What it does	Default
InpEnableAlerts	Master alerts switch. Master alert switch, `true`.	on
InpEnablePopup	Popup alert. Popup, `true`.	on
InpEnablePush	Mobile push.	off
InpEnableEmail	Email alert.	off
InpEnableSound	Sound alert. Sound, ships on, `true`.	on
InpSoundFile	(see inputs panel)	alert.wav

Where this one belongs

Fractals appear everywhere, so the trend check does most of the sorting. EURUSD H1 is the reference chart. On M5 the dots sit very close to price. On D1 the stop and target distances become swing-sized.

Where it falls short

A fractal is two bars old when it prints.

The stop and target are distances, not forecasts.

Trend filters lag at turning points.

The sound route ships on.

Copy the compiled PZ Reversals Fractals Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Background reading on the method behind the PZ Reversals Fractals Indicator: Stop-Loss Order at Investopedia, Average True Range at StockCharts ChartSchool.

Download the PZ Reversals Fractals Indicator for MT4 and MT5

The zip holds the compiled PZ Reversals Fractals Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

How far is the Stop Level dot from the turn?

One and a half times the 14-bar average range beyond the fractal low or high. It widens in fast markets and tightens in quiet ones, so the distance always matches current conditions.

Why is InpTargetAtrMult 3.0 double the stop?

It gives each mark a two-to-one distance ratio by default. Both are plain multiples of the average range, so you can set any ratio you prefer in the inputs.

What changes with InpUseTrendFilter off?

Every confirmed fractal earns a mark, including turns against the 50-bar trend. That shows far more reversals on the chart, and many of them will be counter-trend.

When does a Buy Reversal appear?

Two bars after a fractal low, once both bars on its right have closed with higher lows, and only if the close sits above the 50-bar trend line.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the PZ Reversals Fractals Indicator as one input. Always backtest before trading live.