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.