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Is there an indicator to help me for this .... ???

1
Hi everyone

I am just wandering if there is an indicator which can automatically look back on a price chart and given an alert when a candle is making the lowest low in 50 candles or the highest high in 50 candles. For example, if there is a ongoing downtrend and price move down to make a new low. If we were to count back 50 candles, it would be at its lowest point - in this case, the indicator would alert me.

The reason for asking this is because I just found an interesting reversal strategy with this being the first step in finding trade set ups i.e. you get an alert with his indicator (it is called the EFC indicator and it is a paid indicator). Once you get this alert, the strategy then adds in an RSI o/b or o/s filter and then you wait for a confirmation of the reversal in a breakout type entry trigger.

I suppose the alert is just another way of helping us to identify o/b or o/s markets (maybe something like the turtle trader type idea). Anyway, I was just wanting to know if our dearest Mladen or Mr Tools had already created an awesome indicator for identifying this condition?

Thanks!


Re: Is there an indicator to help me for this .... ???

2
MaitriMarty wrote: Mon Dec 23, 2019 1:48 am Hi everyone

I am just wandering if there is an indicator which can automatically look back on a price chart and given an alert when a candle is making the lowest low in 50 candles or the highest high in 50 candles. For example, if there is a ongoing downtrend and price move down to make a new low. If we were to count back 50 candles, it would be at its lowest point - in this case, the indicator would alert me.

The reason for asking this is because I just found an interesting reversal strategy with this being the first step in finding trade set ups i.e. you get an alert with his indicator (it is called the EFC indicator and it is a paid indicator). Once you get this alert, the strategy then adds in an RSI o/b or o/s filter and then you wait for a confirmation of the reversal in a breakout type entry trigger.

I suppose the alert is just another way of helping us to identify o/b or o/s markets (maybe something like the turtle trader type idea). Anyway, I was just wanting to know if our dearest Mladen or Mr Tools had already created an awesome indicator for identifying this condition?

Thanks!
:problem:
Only the price on the chart can show the entrance to the deal...
"Only the price on the chart can show the entrance to the deal..."

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