fractal
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This script is designed to identify specific price patterns on a trading chart, known as "Fractals." In the world of technical analysis, fractals are used to pinpoint potential turning points in the market—essentially identifying the peaks (highs) and valleys (lows) where the price trend might be shifting.
The logic operates by scanning the historical price data bar by bar to find specific structural signatures. Here is a breakdown of how it identifies these points:
Core Identification Logic
The script looks for "peaks" and "valleys" by comparing a specific price point against its immediate neighbors. It classifies these into two categories:
- Upward Fractals (Resistance/Highs): The script searches for a bar where the high price is significantly higher than the bars surrounding it. When this condition is met, it places a visual marker on the chart to indicate a potential ceiling or top in the price action.
- Downward Fractals (Support/Lows): Conversely, the script looks for a bar where the low price is lower than the surrounding bars. This identifies a potential floor or bottom in the market trend.
Multi-Layered Detection
What makes this specific script unique is that it doesn't just look for one type of peak; it checks for several different "shapes" or configurations to ensure it captures various market behaviors:
- Standard Fractals: It first looks for the most basic form, where a single bar is higher (or lower) than the two bars directly preceding it and the two bars directly following it.
- Extended Patterns (6 to 9 Bars): If the standard pattern isn't found, the script automatically scales its search. It evaluates wider windows of data—ranging from 6 to 9 consecutive bars—to identify more complex structural turns. This allows the tool to remain effective even when the market is forming broader, multi-bar peaks or troughs rather than sharp, immediate spikes.
Visual Output
Once the logic confirms that a specific bar meets any of these fractal criteria, it triggers a visual cue on your chart:
- Red Markers: Represent "Up Fractals," highlighting areas where price reached a local high.
- Blue Markers: Represent "Down Fractals," highlighting areas where price reached a local low.
By automating this process, the script removes the need for manual observation of every price tick, providing a clear visual map of historical support and resistance levels based on structural price geometry.
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fractal
//+------------------------------------------------------------------+
//| Fractals.mq4 |
//| Copyright © 2005, MetaQuotes Software Corp. |
//| http://www.metaquotes.net |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net"
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 Red
#property indicator_color2 Blue
//---- input parameters
//---- buffers
double ExtUpFractalsBuffer[];
double ExtDownFractalsBuffer[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicator buffers mapping
SetIndexBuffer(0,ExtUpFractalsBuffer);
SetIndexBuffer(1,ExtDownFractalsBuffer);
//---- drawing settings
SetIndexStyle(0,DRAW_ARROW);
SetIndexArrow(0,119);
SetIndexStyle(1,DRAW_ARROW);
SetIndexArrow(1,119);
//----
SetIndexEmptyValue(0,0.0);
SetIndexEmptyValue(1,0.0);
//---- name for DataWindow
SetIndexLabel(0,"Fractal Up");
SetIndexLabel(1,"Fractal Down");
//---- initialization done
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- TODO: add your code here
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int i,nCountedBars;
bool bFound;
double dCurrent;
nCountedBars=IndicatorCounted();
//---- last counted bar will be recounted
if(nCountedBars<=2)
i=Bars-nCountedBars-3;
if(nCountedBars>2)
{
nCountedBars--;
i=Bars-nCountedBars-1;
}
//----Up and Down Fractals
while(i>=2)
{
//----Fractals up
bFound=false;
dCurrent=High[i];
if(dCurrent>High[i+1] && dCurrent>High[i+2] && dCurrent>High[i-1] && dCurrent>High[i-2])
{
bFound=true;
ExtUpFractalsBuffer[i]=dCurrent;
}
//----6 bars Fractal
if(!bFound && (Bars-i-1)>=3)
{
if(dCurrent==High[i+1] && dCurrent>High[i+2] && dCurrent>High[i+3] &&
dCurrent>High[i-1] && dCurrent>High[i-2])
{
bFound=true;
ExtUpFractalsBuffer[i]=dCurrent;
}
}
//----7 bars Fractal
if(!bFound && (Bars-i-1)>=4)
{
if(dCurrent>=High[i+1] && dCurrent==High[i+2] && dCurrent>High[i+3] && dCurrent>High[i+4] &&
dCurrent>High[i-1] && dCurrent>High[i-2])
{
bFound=true;
ExtUpFractalsBuffer[i]=dCurrent;
}
}
//----8 bars Fractal
if(!bFound && (Bars-i-1)>=5)
{
if(dCurrent>=High[i+1] && dCurrent==High[i+2] && dCurrent==High[i+3] && dCurrent>High[i+4] && dCurrent>High[i+5] &&
dCurrent>High[i-1] && dCurrent>High[i-2])
{
bFound=true;
ExtUpFractalsBuffer[i]=dCurrent;
}
}
//----9 bars Fractal
if(!bFound && (Bars-i-1)>=6)
{
if(dCurrent>=High[i+1] && dCurrent==High[i+2] && dCurrent>=High[i+3] && dCurrent==High[i+4] && dCurrent>High[i+5] &&
dCurrent>High[i+6] && dCurrent>High[i-1] && dCurrent>High[i-2])
{
bFound=true;
ExtUpFractalsBuffer[i]=dCurrent;
}
}
//----Fractals down
bFound=false;
dCurrent=Low[i];
if(dCurrent<Low[i+1] && dCurrent<Low[i+2] && dCurrent<Low[i-1] && dCurrent<Low[i-2])
{
bFound=true;
ExtDownFractalsBuffer[i]=dCurrent;
}
//----6 bars Fractal
if(!bFound && (Bars-i-1)>=3)
{
if(dCurrent==Low[i+1] && dCurrent<Low[i+2] && dCurrent<Low[i+3] &&
dCurrent<Low[i-1] && dCurrent<Low[i-2])
{
bFound=true;
ExtDownFractalsBuffer[i]=dCurrent;
}
}
//----7 bars Fractal
if(!bFound && (Bars-i-1)>=4)
{
if(dCurrent<=Low[i+1] && dCurrent==Low[i+2] && dCurrent<Low[i+3] && dCurrent<Low[i+4] &&
dCurrent<Low[i-1] && dCurrent<Low[i-2])
{
bFound=true;
ExtDownFractalsBuffer[i]=dCurrent;
}
}
//----8 bars Fractal
if(!bFound && (Bars-i-1)>=5)
{
if(dCurrent<=Low[i+1] && dCurrent==Low[i+2] && dCurrent==Low[i+3] && dCurrent<Low[i+4] && dCurrent<Low[i+5] &&
dCurrent<Low[i-1] && dCurrent<Low[i-2])
{
bFound=true;
ExtDownFractalsBuffer[i]=dCurrent;
}
}
//----9 bars Fractal
if(!bFound && (Bars-i-1)>=6)
{
if(dCurrent<=Low[i+1] && dCurrent==Low[i+2] && dCurrent<=Low[i+3] && dCurrent==Low[i+4] && dCurrent<Low[i+5] &&
dCurrent<Low[i+6] && dCurrent<Low[i-1] && dCurrent<Low[i-2])
{
bFound=true;
ExtDownFractalsBuffer[i]=dCurrent;
}
}
i--;
}
//----
return(0);
}
//+------------------------------------------------------------------+
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