creating an email alert based on indicator/price outputs

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ionaz 2014.12.25 01:00

Being completely new to the MetaTrader, I am trying to understand what it takes to create an email alert based on stochastics/price divergence (divergence=price makes a Higher High, but Stochastics makes a Lower High). The idea in a nutshell: indicator scans/monitors price data + stochastics indicator data within multiple (up to 10) FX pairs in real time and shoots an email if a divergence between price and the stochastics indicator occurs.

A few questions to get me started:

  • Any chance this has been done already? If not:
  • Do I need to create and EA for this? or 
  • Tweak an existing stochastics indicator? or
  • Create my own custom indicator? 
  • Also, am I right thinking that MQL5 codebase is compatible with MetaTrader 4? Asking because I search within MT4 community forum and found many links directing into MQL5.

Thank you in advance for your guidance

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