The indicator should do/show the following things:
1. Show a swing high and swing low on a 15m timeframe ONLY.
2. Show the break of the previous swing high or swing low with a horizontal line connecting the previous high/low with the current break.
3. Finally, send me an alert on tradingview or via any other source when a previous high or low has been broken with a wick only. It means the alert should be sent when the candle breaks the swing high/low and then closes beneath it. Leaving only the wick outside.
Also attaching a pic of swing high and swing low.
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I am fully understand what you want and give you how to make this.
First, I will use Python or MQL5 to create indicator that shows swing highs and swing lows on a 15 minute timeframe only.
And Add a horizontal line that connects the previous high/low with the current break to show the break of the previous swing high or swing low.
And I will analyze swing highs and lows that can help determine trend direction and trend strength.
I am Praveen Working in the stock market from last 13 years. I worked in broking firm and hedge fund as well. As per my knowledge in this work you need confirmation candle and try to reduce the fake breakout and breakdown.