Alert On Price Retracement

[gcaldridge]

I don't want to have to watch charts by the minute (or even hour). I am looking to watch for a trade after price has reached a certain level (X), reversed to another specific level (Y) and then retraced to another level (Z) which may or may not be the same as (X). Note this has nothing to do with any wave theory.

Example IBM drops to 120(X). At that point I want to start a strategy or indicator to be alerted if price goes back up to 125 (Y) and then down to 119 (Z). The alert happens at Z but only if Y has been reached.

Does anyone know of an indicator or strategy that does this?

Thanks

Geoff

[NinjaTrader_CalH]

Hello Geoff,

Thank you for your post.

I have not seen an alert system that does this, however I was able to put together a sample script that should outline how this can be accomplished in NinjaScript.

You will need to download and import the script into NinjaTrader
To Import

* Download the indicator to your desktop, keep them in the compressed .zip file.
* From the Control Center window select the menu File> Utilities> Import NinjaScript
* Select the downloaded .zip file
* NinjaTrader will then confirm if the import has been successful.


Critical - Specifically for some indicators, it will prompt that you are running newer versions of @SMA, @EMA, etc. and ask if you want to replace, press 'No'

[gcaldridge]

Thanks

....for the quick reply. I'll take a look and see what I can do with it.

Geoff