First I want to say I really appreciate this forum! I am fairly new to forex and have already learned a lot from just this one forum alone.
Having said that... I am looking for a custom indicator.
The only way I know to describe what I am looking for is to give an example.
I use a 5 minute chart... I have a EMA(10) and EMA(26) and each time they cross I need this indicator to record the opening price of the first candle after the cross and then later if/when the seperation of the two MA's is greater than or equal to 8 (or any number you want) have this indicator compare the difference in price of the opening of the first candle (after the cross) with the closing price of the 8 pip seperation candle. If this number is within a preset range have the indicator display an arrow to either buy or sell. An alert would be sweet too!
Basically what I am trying to do is determine how far the price has moved when the 8 pip MA separation candle closes after the cross. After doing some back testing with a couple different pairs, I am finding that there is a range that seems to work for a few currency pairs and gaining 15 - 20 pips per day is achievable. Sometimes a couple times per day. This range also seems to prevent getting into bad trades a lot of the times.
While an indicator like this isn't necessary... it sure would make my life easier!
If anyone knows of a similar indicator please let me know.
Thanks in advance.