Fractal Memory Projection: Free TradingView Indicator

Reviewed: 15 August 2026

Free TradingView indicator: Open Fractal Memory Projection on TradingView

Fractal Memory Projection is a free TradingView indicator that finds a past price episode shaped like the present one and plots how that historical episode unfolded next. It displays the result as 50 lighter ghost candles ahead of the current bar, alongside a trend-flip view and volatility-adaptive reference levels.

The ghost candles are a statistical analog, not a forecast or a guarantee. Their value is in helping you ask a better question: how did the closest historical setup behave, and does that context agree with the rest of your chart work?

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How the historical match is found

The script converts the latest 30 closes into normalised log returns, then scans up to 750 earlier bars for the window with the smallest mean-squared difference. Comparing normalised returns focuses the search on movement shape rather than on the absolute price level.

After finding the best analog, the script replays the returns that followed it from the current close. It rescales the replay by the ratio of current ATR to ATR at the historical match, then draws the resulting 50-candle path beyond the latest bar.

What to look at on the chart

• Match similarity: how closely the selected historical window resembles the current one.
• Bars since match: how far back the analog occurred.
• Forecast direction: the net direction of the replayed historical path.
• Volatility regime: Low, Normal or High, based on the tool’s ATR context.
• Trend side: the direction of the ATR trailing-stop state.

A high similarity score does not prove that the future will repeat. It only says that the selected part of the past looks more like the present than the other windows searched under the current settings.

Trend-flip markers and adaptive levels

The indicator tracks a trend with an ATR trailing stop. When the state flips, it can print a buy or sell marker. By default, the marker is filtered so the ghost-candle direction must agree with the trend flip; that filter can be disabled.

Reference targets are adaptive rather than fixed. The unit of risk uses ATR and its percentile rank over the selected lookback, so the spacing widens in higher-volatility conditions and tightens in quieter conditions. The chart shows TP1, TP2 and TP3 at 1R, 2R and 3R with an adjustable stop reference. These are charting references, not live orders or a complete risk plan.

A sensible workflow

1. Use a symbol and timeframe with enough history for the scan depth and forecast length.
2. Check the match similarity before giving the ghost path any weight.
3. Compare the projected direction with current structure, nearby levels and volatility.
4. Treat a disagreement between the analog and the trend flip as a reason to slow down, not a reason to force a trade.
5. Set your own entry, invalidation and risk size separately from the indicator.
6. Review many examples across different market regimes before changing the default settings.

Settings that change the result

Pattern Window sets the number of recent closes used for the shape comparison. Scan Depth determines how far into history the script looks. Forecast Length changes how far the ghost candles extend. ATR length, trail multiplier, forecast-agreement filter, stop multiplier and panel location can all be changed in the settings.

Increasing scan depth can provide more historical candidates, but the matching work is heavier and requires more history. Avoid tuning window length, depth and targets around one attractive chart example; compare a broad sample of completed bars instead.

Repainting and limitations

The historical projection is display-only and does not rewrite historical values. The latest bar and its current pattern can still change until that bar closes, just as with any real-time indicator. The historical match can also change when the newest bars change, because the current pattern window has changed.

• The closest past pattern may have occurred in a different market regime.
• The current sample may not contain a useful analog.
• ATR scaling adjusts size, not the cause of a market move.
• Signals and reference levels do not account for slippage, spread, execution delay or broker rejection.

For confirmed-bar alert behavior, see the Pine Script alert-frequency guide. For reusable functions behind the pattern-memory approach, see FractalMemoryLib on TradingView.

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Source and disclosure

The complete open-source indicator and current settings are available on TradingView. This page is for chart analysis and education, not financial advice.