Fib signal indicator possible?

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Is the following Fib signal system feasible to be programmed?

I'm looking at (for longs, for instance)

(1) The indicator will identify a Swinglow (lowest low within a range of, say, 0 to 60 bars), but less than, say, 100 bars.

In other words, we want a substantial Swinglow, but to try to help ensure we are going with the trend, ideally I would like to have a limit on this.

Ideally there will be a lower low (than the Swinglow) within FibBarsMax (a variable, here 100 bars), but not before FibBarsMin (a variable, here 60 bars).

(2) Next the indicator will look for a price increase of at least "FibMinHeight" pips (a variable, here a value of 20 pips) above this Swinglow, and then

(3) a retracement back down to between two Fib levels, say 38.2 to 61.8.

(4) A trigger (Condition X) would be defined; one idea: when

a. both the 60 minute candle and the daily candle are bullish AND when

b. the stochastic under 20 shows an upturn

(5) When the

* trigger in (4), and the

* Fib retracement in (1) - (3)

both occur at the same time (present at B in screenprint below), a long signal is generated.

Of course vice versa for shorts.

Thanks for looking at this!

 

seems like an improvement to autochartist

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