OPEN-SOURCE SCRIPT
Modified Fractal Open/Close
Modified Fractal (Open/Close Based) - Indicator
The Modified Fractal (Open/Close Based) indicator offers a new way to detect fractal patterns on your chart by analyzing the open and close prices instead of the traditional high and low values.
🧮 How it works:
The indicator evaluates a group of 5 consecutive candles.
The central candle (2 bars ago) is analyzed.
For a Bullish Fractal:
The open or close of the central candle must be lower than the open and close of the other 4 surrounding candles.
For a Bearish Fractal:
The open or close of the central candle must be higher than the open and close of the other 4 surrounding candles.
Once a valid pattern is detected, a visual symbol (triangle) is plotted directly on the chart and an alert can be triggered.
✅ Key Features:
Non-repainting signals (evaluated after candle close)
Fully mechanical detection logic
Easy-to-use visual signals
Alert conditions ready to be integrated into TradingView’s alert system
Suitable for multiple timeframes (can be used from M1 to Daily and beyond)
🎯 Use case:
This modified fractal approach can help traders:
Spot potential swing points
Identify possible reversals
Confirm price exhaustion zones
Support breakout or mean reversion strategies
⚠ Note:
This indicator does not provide trade signals by itself. It is recommended to be combined with additional tools, price action analysis, or risk management rules.
The Modified Fractal (Open/Close Based) indicator offers a new way to detect fractal patterns on your chart by analyzing the open and close prices instead of the traditional high and low values.
🧮 How it works:
The indicator evaluates a group of 5 consecutive candles.
The central candle (2 bars ago) is analyzed.
For a Bullish Fractal:
The open or close of the central candle must be lower than the open and close of the other 4 surrounding candles.
For a Bearish Fractal:
The open or close of the central candle must be higher than the open and close of the other 4 surrounding candles.
Once a valid pattern is detected, a visual symbol (triangle) is plotted directly on the chart and an alert can be triggered.
✅ Key Features:
Non-repainting signals (evaluated after candle close)
Fully mechanical detection logic
Easy-to-use visual signals
Alert conditions ready to be integrated into TradingView’s alert system
Suitable for multiple timeframes (can be used from M1 to Daily and beyond)
🎯 Use case:
This modified fractal approach can help traders:
Spot potential swing points
Identify possible reversals
Confirm price exhaustion zones
Support breakout or mean reversion strategies
⚠ Note:
This indicator does not provide trade signals by itself. It is recommended to be combined with additional tools, price action analysis, or risk management rules.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Script open-source
Nello spirito di TradingView, l'autore di questo script lo ha reso open source, in modo che i trader possano esaminarne e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricordiamo che la ripubblicazione del codice è soggetta al nostro Regolamento.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.