ForexOffTrend

ForexOffTrend indicator is a powerful VertexFX client side VTL indicator for trend following trading systems and markets. It is based on the concept that markets make Higher Highs in up trends and Lower Lows in downtrends.

The indicator uses SSP as the look back period to determine the highest highs and lowest lows. The Highest High and Lowest Low over the specified SSP period are calculated. The indicator is calculated by dividing the difference between the Highest High and Lowest Low by the K_MAX filter threshold. This value is then subtracted from the Highest High to give us the indicator value. As the market moves upwards, the difference between Highest High and Lowest Low increases, and therefore the indicator moves upwards following the trend safely. Likewise, when the market moves downwards, the difference between Highest High and Lowest Low also increases. But since we subtract it from the Highest High, which is falling in downward markets, the indicator follows the downtrend.

BUY – Place Buy position when candle closes above indicator. Avoid entering trade if candle gaps up above the indicator value.
SELL – Place Sell position when candle closes below indicator. Avoid entering trade if candle gaps down below the indicator value.

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:Program FilesCompany Namevtl10Local VTL Files
• Restart your Client Terminal or Right Click on “Local VTL Scripts” Tree Node to find the script.