FiboBars

FiboBars is a VertexFX client side VTL indicator that determines the direction of trends and considered as a primary tool for traders. The indicator is desirable to be used with small timeframes. Fibobars indicator is displayed as green and red dots according to the Fibonacci.

When the green point is shown on the chart then it is a signal to buy, if there is a red point then close the current position of Buy and open a new one of Sell.

The correction levels using Fibonacci numbers: 0.236, 0.382, 0.5, 0.618 and 0.762. Method of calculation of the indicator:
-At first step, we calculate the Highest High value over the recent PERIOD bars.
-In the next step, we calculate the Lowest Low value over the recent PERIOD bars.
-Then we calculate the size of the waves, as the difference between the Highest High and Lowest Low. (Wawe=maxHigh-minLow)
-If you roll back more than Wawe*fiboLevel this means that the market has changed and there was a change of trend direction. Recommendation.

Input parameters of the indicator:
period = 10 – the number of bars used to calculate the value of the indicator. By increasing the sensitivity setting indicator decreases. It is advisable to choose the optimal value of this parameter for a particular financial instrument and timeframe.
fiboLevel = 1
Level Fibonacci 1-0.236; 2-0.382; 3-0.5; 4-0.618; 5-0.762;
NBars = 500 – number on the bars that display the graph.

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.