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Get Alerted on Local Minimum/Maximum Breakout

April 19, 2013

A new MetaTrader indicator is now available for download from EarnForex.com — Recent High/Low Alert. The purpose of this indicator is very simple — to show the high/low level over the last N bars and send alerts if it breaks. The idea of this indicator was suggested by a Three-Bar Exit technique from the Naked Forex book.

There already was a similar indicator created for MetaTrader 4 back in 2007 but it lacked the alerts and had some extra code that was not needed to display the high/low lines. I could not find anything similar for MetaTrader 5. For cTrader, there is MaxMin Bands indicator, which is simple enough but does not support alerts.

This indicator is definitely not some holy grail but, with its three types of alerts, I hope that it will be useful in your trading.

You can see the screenshot of the Recent High/Low Alert (with period set to 20 bars) indicator in cTrader platform:

Recent High/Low Alert in cTrader

You can download the MT5 or MT4 version, or read more info about this alert indicator. Recent High/Low Alert is also available for cTrader. Probably, I will later write a dedicated blog post detailing the process of this indicator’s coding under cAlgo/cTrader.

If you find any bugs in this technical indicator or if you have some feature suggestions, please post about it using the commentary form below.

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