Is there any alternative ? Because This is a heavy handicap limitation for serious strategies.

Also how come this can not be done in FSB? Coding issue?

4)Place stop loss just below the low of the signal bar

You cannot do it in FSB. Use some of the other exit options.

Though 1 thing missing how do we add this stop loss:
4)Place stop loss just below the low of the signal bar

Basically

this is the logic i am trying to implement in forexsb

Go long logic:

price makes a higher swing high or price rose and broke above a swing high while above the 200-period EMA
RSI falls below 30 trigger a buy stop order above the signal bar and a sell stop order below it 
Once one of the stop order is triggered, cancel the other one.

Then place stop loss just below the low of the signal bar

You have to take it to pieces. Copy-pasting stuff together is easy but results in gibberish. Take it to smallest actions as possible, then start defining what you are trying to do in a logical manner, step by step. You should have an understanding by now how to put a strategy i.e logic together in FSB, so when you have the steps, you can start building your strat and ask understandable questions, furthermore, you can see discrepancies or logical errors in strategy layout, which can then be dealt with. Subjective and discretionary systems are not translatable into mechanical systems by flick of a switch, it needs work and compromises, and more importantly a clear understanding what it is one is trying to achieve.
Hope this helps.

[Opening Point of the Position]
     Fractal
     Enter long at Up Fractal
     Visibility  -  Visible
     Vertical shift  -  0

[Opening Logic Condition]
     Moving Average
     The position opens above Moving Average
     Smoothing method  -  Simple
     Base price  -  Close
     Period  -  200
     Shift  -  0
     Use previous bar value  -  Yes

[Opening Logic Condition]
     RSI
     RSI is lower than the Level line
     Smoothing method  -  Smoothed
     Base price  -  Close
     Smoothing period  -  14
     Level  -  30
     Use previous bar value  -  Yes

However, when the price is above MA200, RSI may not be below 30.
It looks like: if you are in Greece and it is August and the temperatures is below zero...
Where: Greece stands for Up Fractal
and August = price is above MA200
and Temperature below zero means oversold market - RSI < 30

The strategy is simple :

Logic condtion rule for Long:
1)price makes a higher swing high or price rose and broke above a swing high above the 200-period EMA
2)RSI falls below level line 30
3)trigger a buy stop order above the signal bar
4)Then place stop loss just below the low of the signal bar
5))Cancel order if not triggered by the next bar

I hope this is clear

What does it means "If MA drops below 25"? This is not look as a strategy rule but as a condition for a single order.

What is that indicator? Is it included in the MT4 indicators list?

Footon is right that you can use Fractal instead of it.

I am also surprised swing high low indicator has not been included in Forexsb list of indicator by default.

Maybe it will be even better to use Donchian Channel, like a n-bar fractal, constitutes a swing high by period, although if price stagnates a lot, it can cause slight problems. Testing will show, definitely!
Actually there has to be a Recent Swing High/Low custom indicator somewhere, made by a user I don't remember, I think he was from Colombia, maybe it's in the repo, will search if I can find it.

EDIT: excellent news! I found it! It's here  forexsb.com/repository/repository_indicators/forex_indicator_review/83/recent-swing-high-low

As the saying goes, knock yourself out! Have fun!

Attached pic of swing high