creating an email alert based on indicator/price outputs

[Jonas Krivelis]

Hello
 
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
Jonas