Trend Scalp

Trend Scalp is a Client Side VTL indicator that is used for for scalping. It identifies the short term trend in the underlying instrument. Trend is identified using price action.

The indicator calculates trend direction by measuring the relative position of last bars high and low within the ranges of last 15 bars high low range. Then it plots the trend scalp indicator (red line). When it is rising above the zero level, strong uptrend is present and in strong down trend, the red line is below zero and falling downward. The aqua color line shows the trend direction. It is either +100 or -100, when it is +100, trend direction is upward, and when it is -100, trend direction is down.

When TrendScalp indicator is applied to shorter time frames, it will work as a scalping indicator. Scalping is when the trader focuses on a few pips profit from fast trades. When trend direction changes to upward, the trend direction line, aqua colored line, flips to +100 from -100, trader can open buy position. Sell position is opened when the trend direction line flips to -100 from +100. Traders can apply a tight stop loss of about 10 pips and expect similar take profit levels. Also Buy position can be opened when trend scalp line is rising and above zero. It is better used in discretionary trading and the trend scalp indicator provides a good view of trend direction as well as trend strength.

Usage

• Download the attachment from vStore or directly from the vStore tab in your terminal by performing a right click on it and selecting Download & Install
• Copy it to your company VertexFX Local VTL Files folder i.e. C:ProgramDataVertexFX Client Terminals”Company name”VTL10Local VTL Scripts
• Restart your Client Terminal or Right Click on “Local VTL Scripts” Tree Node to find the script.