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Using Fractals to Color Candles by Price Direction

Article MQL5 code base
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Summary

This indicator colors chart candles according to the close relative to the most recent upper and lower fractal levels. A close above the last upper fractal is shown in green, while a close below the last lower fractal is shown in red. The description says there are no adjustable parameters and presents the overlay alongside fractal markers.

The display offers a compact visual way to track price movement around recent fractal boundaries. It does not specify how candles are colored when the close lies between those levels, nor does it define entry, exit, or risk rules. No backtest, performance results, or evidence of predictive value is provided, so the overlay should be understood as a charting aid rather than a complete trading strategy.

Key ideas

  • The overlay compares the current close with the latest upper and lower fractal levels.
  • Closes above the latest upper fractal are displayed in green.
  • Closes below the latest lower fractal are displayed in red.
  • The indicator has no adjustable parameters and does not provide trading rules or performance evidence.

Tags

Technical indicatorsBreakout

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.