LW Fractals
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This tool is designed to automatically identify and highlight specific "turning points" in price action on a trading chart. In technical analysis, these are often referred to as fractals—points where the market shifts direction, creating a visual peak or valley that can help traders understand the structure of the market.
How it Works
The script scans the historical price data of a financial instrument to find specific patterns based on the following logic:
1. Identifying Price Peaks (Upward Fractals) The tool looks for high points in the price. For a peak to be marked, the script checks if a specific candle’s high price is higher than the candles immediately preceding and following it. By looking at both sides of a central candle, it ensures that the point is a local "top." If the criteria are met, the script places a visual marker (an arrow) above that high price.
2. Identifying Price Valleys (Downward Fractals) Similarly, the tool scans for low points in the price. It looks for candles where the low price is lower than those surrounding it on both the left and right sides. When this "bottom" pattern is confirmed, the script places a visual marker (an arrow) below that low price.
3. Customization & Sensitivity The logic allows you to define how many candles must be checked on either side of the center point to confirm a fractal:
- Left/Right Parameters: You can adjust how many bars to look at to the left and right of a peak or valley.
- Equality Check: The script includes a specific check to handle "flat" price action, ensuring that if multiple candles have the same high or low price in a row, it can still accurately identify the cluster as a single turning point.
Summary for Traders
Instead of manually scanning the chart to see where price has reversed, this script does the heavy lifting for you. It automatically plots visual cues on your chart, highlighting potential support and resistance levels based on historical price peaks and valleys. This allows you to quickly see the "skeleton" of the market trends at a glance.
//+------------------------------------------------------------------+
//| LW Fractals.mq4 |
//| Gosha. Copyright © 2005, |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net"
//----
#property indicator_chart_window
#property indicator_buffers 2
#property indicator_color1 DeepSkyBlue
#property indicator_color2 Red
//---- input parameters
extern int Equals=3;
extern int nLeftUp=1;
extern int nRightUp=1;
extern int nLeftDown=1;
extern int nRightDown=1;
//---- buffers
double FractalsUp[];
double FractalsDown[];
int pos=0, cntup=0, cntdown=0, cnt=0;
int r=0,l=0,e=0;
int fup=0,fdown=0;
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
SetIndexStyle(0,DRAW_ARROW);
SetIndexArrow(0,217);
SetIndexBuffer(0,FractalsUp);
SetIndexEmptyValue(0,0.0);
SetIndexStyle(1,DRAW_ARROW);
SetIndexArrow(1,218);
SetIndexBuffer(1,FractalsDown);
SetIndexEmptyValue(1,0.0);
//----
cntup=nLeftUp+nRightUp+Equals+1;
cntdown=nLeftDown+Equals+1;
if (cntup>=cntdown) cnt=cntup;
if (cntup<cntdown) cnt=cntdown;
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custor indicator deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//---- TODO: add your code here
//----
return(0);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int i=0, j=0;
int cbars=IndicatorCounted();
if (cbars<0) return(-1);
if (cbars>0) cbars--;
pos=0;
if (cbars > (Bars-cnt-1)) pos=(Bars-cnt-1);
else pos=cbars+nRightUp;
//---
while(pos>=nRightUp)
{
FractalsUp[pos] =NULL;
FractalsDown[pos]=NULL;
//o?AEOAE AAA?O
r=nRightUp; //i?iaa?yai i?aao? noi?iio o?aeoaea
for(i=1;i<=r;i++)
{
if (High[pos]<=High[pos-i]) break;
}
//anee ni?aaa ana IE oi i aie?ii auou ?aaii r+1
if (i==r+1) //FractalsUp[pos]=High[pos];
{
l=nLeftUp; //i?iaa?yai eaao? noi?iio o?aeoaea
e=Equals;
for(j=1;j<=l+Equals;j++)
{
if (High[pos] < High[pos+j]) break;
if (High[pos] > High[pos+j]) l--;
if (High[pos]==High[pos+j])e--;
if (l==0)
{
FractalsUp[pos]=High[pos];
break;
}
if (e<0) break;
}
}
//O?AEOAE AIEC
r=nRightDown; //i?iaa?yai i?aao? noi?iio o?aeoaea
for(i=1;i<=r;i++)
{
if (Low[pos]>=Low[pos-i]) break;
}
if (i==r+1) //FractalsUp[pos]=High[pos];
{
l=nLeftDown; //i?iaa?yai eaao? noi?iio o?aeoaea
e=Equals;
for(j=1;j<=l+Equals;j++)
{
if (Low[pos] > Low[pos+j]) break;
if (Low[pos] < Low[pos+j]) l--;
if (Low[pos]==Low[pos+j])e--;
if (l==0)
{
FractalsDown[pos]=Low[pos];
break;
}
if (e<0) break;
}
}
pos--;
}
//----
return(0);
}
//+------------------------------------------------------------------+
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