Purpose In order to improve the computation efficiency of the four-point rainflow algorithm, a new fast four-point rainflow cycle counting algorithm (FFRA) using a novel loop iteration mode is proposed.Design/methodology/approach In this new algorithm, the loop iteration mode is simplified by reducing the number of iterations, tests and deletions. The high efficiency of the new algorithm makes it a preferable candidate in fatigue life online estimation of structural health monitoring systems.Findings The extensive simulation results show that the extracted cycles by the new FFRA are the same as those by the four-point rainflow cycle counting algorithm (FRA) and the three-point rainflow cycle counting algorithm (TRA). Especially, the simulation results indicate that the computation efficiency of the FFRA has improved an average of 12.4 times compared to the FRA and an average of 8.9 times compared to the TRA. Moreover, the equivalence of cycle extraction results between the FFRA and the FRA is proved mathematically by utilizing some fundamental properties of the rainflow algorithm. Theoretical proof of the efficiency improvement of the FFRA in comparison to the FRA is also given.Originality/value This merit makes the FFRA preferable in online monitoring systems of structures where fatigue life estimation needs to be accomplished online based on massive measured data. It is noticeable that the high efficiency of the FFRA attributed to the simple loop iteration, which provides beneficial guidance to improve the efficiency of existing algorithms.