(Req) Fractal Swing Stop Line

[Diesel 10]

Hi, wondering if anyone has or could develop an indicator Line that will follow swing points (fractals).

 

Here is an example (shown in a Microsoft Word Document):

 

http://www.mediafire.com/?nftemowuu50wzir

 

 

So we are clear, a swing point (fractal) high has two lower highs on either side of it and a swing point (fractal) low has two higher lows on either side of it.

 

So, for instance in an uptrend, the line will trail up swing low fractals until one is broken and the trend changes to down. Then it will trail down swing high fractals until one is broken and the trend changes to up, Then it will switch and trail up swing lows until one is broken... and on and on...

 

There is one thing I should mention (a rare occurance). If a swing low is broken but an alternate swing high has not had a chance to form, the swing line goes to the most recent high until a swing high is formed. If a swing high is broken but an alternate swing low has not had a chance to form, the swing line goes to the most recent low until a swing low is formed.

 

I coded such an indicator in Genesis Trade Navigator (see example in link above) and find it very valuable. But I don't know how to code for Metatrader4 so hopefully someone can help. This "Swing Stop" line, as I call it, is a great indicator for defining trend or even trailing stops!

[shabz]

Looks similar to atr stops, try using different settings, you may find something that works for you.

 

http://www.mediafire.com/?fnct78h293bu33n