FibonacciPivot

Fibonacci Pivot is a VertexFX Client Side VTL indicator, that works on the strategy of pivot points. Pivot points are very useful tools that use the previous bars’ highs, lows and closings for support and resistance levels for future bars.

Daily pivot points are useful for swing trading; while 4 hour pivot points are useful for intraday trading. Longer term pivot points provide an idea of where key support and resistance levels should be. 

The indicator builds levels channels beginning from the line of closing of previous day, on the basis of data of previous day: dayClose+(dayHigh-dayLow) * fibo * koeff.

The indicator has several parameters that you can change. You can specify the number of days during which the indicator will be displayed and sets the coefficient used for the calculation of the indicator lines. With this option, you can increase or decrease the levels of function of the indicator. It is recommended to set the Fibonacci’s numbers (0.34, 0.55, 0.618, 0.89, 1.44, 2.33).

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.