I have a simple idea for an indicator which I would like coded.
Using the logic of the fractal indicator that comes as standard with metatrader. (I think in the case of a fractal high, it draws a fractal symbol when 2 bars either side of a candle have lower highs? visa versa for fractal lows)
So, once a fractal high has been put in (we wont know this until a few bars later?) it waits and does nothing.
Now, what I want is, if price makes a new high within a set number of bars (which I'd be able to change in the indicator parameters), the bar that makes the new high is our 'potential trigger bar'.
If the bar following the 'potential trigger bar' makes a lower low than the 'potential trigger bar', that is when I want an audio alert (ideally with the option adding my onw mp3 file as the sound alert) and something visual (maybe an arrow?)
And the same obviously for fractal lows aswell.
The 'potential trigger bar must be the first bar since the fractal to make the new high/low.
I hope i've explained it OK. It's basically a way of spotting when the market 'fails' to have any 'follow through' after a new high/low
The pic attached should hopefully help.
So, the 'code' would basically say:
IF fractal high is made and New high is made within x(variable) amount of bars since the fractal AND the low of this newhigh bar is
taken out by the following bar, then ALERT.
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