Need a retracement indicator, anyone can help please?

Hi guys


Does anybody have an indicator that calculates retracements as follows or can anybody do this?

Once the market moves say 100 pips in a direction it then retraces say for example 50 pips, it then continues to make a new high/low and the next time it starts to retrace again (say 25 pips which is 50 percent of last retrace) an alarm comes up on your screen. This would enable you to watch price around the 50 pip retrace level with a view to the market turning again at this point.

I have observed that the market tends to retrace less every time in a healthy trend and want to use this as extra confirmation for my trading.

Anyone here who has anything similar or can code this?

Many thanks

FXP

I checked a link to Mark Braun that someone else posted on forex factory and he is using the technique I am referring to here:

http://www.mjbraun.net/Forex/Mark/Mark.html

He calls it Market Symmetry.

Any indicators for this kind of thing out there?