This chart provides a solution for the following...

I would like to create two alerts one when a new high or low is created and another when a new high/low is created and then for the next candle to go below the candle at the high or above the new low candle. I would like this on a 5 minute chart and have it reset once that candle has closed.

https://www.linnsoft.com/charts/highlowbounce-alert-es 

Blue dots reflect new highs (with a chime alert).  Blue down arrows represent a bar with a lower low that follows a bar with a new high (with a corkpop alert).
Pink dots reflect new lows (with a chime alert).  Pink up arrows represent a bar with a higher high that follows a bar with a new low (with a corkpop alert).
Edit the Actions inside the Signal Markers to change the alert sounds if needed.