Fractal_Identifier 2.0
This is a simple indicator utility that identifies and displays the most recent Williams Fractal (upper line) on the chart using a Comment overlay. It loops through the last 10 bars, checks the iFractals upper buffer, and prints the normalized fractal high value. It does not execute any trades or generate trading signals.
Open the interactive view (equity curve, symbol switch)Key facts
Backtest results (H1, about 1 year)
Not backtested yet — this EA could not be converted automatically.
Strategy analysis
This program is not a trading EA but rather a fractal identification utility. Its core concept uses MT5's built-in iFractals indicator to detect Williams Fractals (upper fractals). The program loops through the last 10 bars in OnTick, reading the upper line buffer data via CopyBuffer. If a bar's fractal value is not EMPTY_VALUE, it confirms an upper fractal exists at that position and displays the fractal price via the Comment function on the chart's upper-left corner. The program only identifies upper fractals (UPPER_LINE) and completely ignores lower fractals (LOWER_LINE). Position sizing and money management are nonexistent since the program executes no trades. Exit conditions are similarly inapplicable as there is no entry logic whatsoever.
Strengths
- Clean and straightforward code with easy-to-understand logic
- Uses MT5's built-in iFractals indicator for accurate and reliable fractal detection
- Real-time updates displaying the most recent fractal price for quick trader reference
Weaknesses
- Only identifies upper fractals while completely ignoring lower fractals, making the functionality incomplete
- Recopies the entire buffer via CopyBuffer on every OnTick call, which is highly inefficient and wastes resources
- Array declaration inside the loop causes re-declaration and re-copy on every iteration, a serious performance issue
- Using Comment for display is unprofessional; should use OBJ_TEXT or Label objects instead
- Lacks input parameter validation; the bars value could cause CopyBuffer out-of-bounds errors
Possible improvements
- Move array declaration and CopyBuffer call outside the loop to avoid redundant re-declaration and data copying on every iteration
- Add lower fractal (LOWER_LINE) identification and display to make the tool more complete and useful
- Implement a new bar detection mechanism so fractal scanning runs only once per new bar instead of every tick
- Replace Comment with chart objects (such as Label or Arrow) for displaying fractal information to improve user experience
Risk assessment
Overall risk: Safe
- The program executes no trades, so there is no financial risk
- CopyBuffer's count of 11 matches the loop range i=10~0, but modifying the bars parameter could cause out-of-bounds issues
Evaluation scores
Parameters
| Parameter | Default | Description |
|---|---|---|
bars | 10 | Lookback bars for nearest fractal search |
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Backtests are historical simulations and do not guarantee future results. Not financial advice.