I need a custom indicator for fibonacci trader ([url removed, login to view] ) Picture and details of the indicator needed are below.
I am using range bars of X length. I would like an indicator that I can set
a look back period of X bars and the indicator will tell me out of those X
bars how many have a specific range of X or more pips (from open to close,
not from high to low as all bars are of X length from high to low, I am only
interested in range from open to close). For example the look back period is
20 bars and I want to find how many of those 20 bars had a range of 15 or
more (lets say I was using 20 pip range bars so all bars are 20 pips from
high to low but I am only interested in bars that are 15 or more pips from
open to close). In addition to how many bars had a range of 15pips or more,
it would tell me how many of those 15 pip or more bars were reversal bars.
Thirdly if there is a reversal bar, it will check to see if the bar after
the reversal bar continues in the same direction, again telling me how many
were double reversal bars. Please see picture below to get a better
understanding. [url removed, login to view]
In that picture the bars are 10 pips in length and I am looking for bars
that are 8+ pips. It tells me how many bars were 8+ pips, how many reversal
bars were 8+ pips and how many double reversal bars there were (double
reversal do not have to be of any specific range, just as long as they match
the reversal bar in the same direction). What is a reversal bar? Say we have
red then green, that green bar is a reversal bar because it went in the
opposite direction. If we had green, green, red then that red is a reversal
bar. Red, red, green, green and you can see we had a reversal bar green and
we had a double reversal bar with a 2nd green.