IMA TrueFibs Above

IMA TrueFibs Above is a handy VertexFX client side VTL indicator that provides BEARISH breakout signals based upon Moving Average and Fibonacci levels. Moving Averages when integrated with Fibonacci levels provide excellent trade levels. This strategy is employed in this indicator. In the first step we calculate the Moving Average of the close price for the MA_PERIOD bars. If MA TYPE is 0 then the Simple Moving Average (SMA) is calculated, whereas if the MA TYPE is 1, then the Exponential Moving Average (EMA) is calculated.

The Fibonacci levels 1 to 7 are calculated by adding the FIBO1 POINTS, FIBO2 POINTS, FIBO3 POINTS, FIBO4 POINTS, FIBO5 POINTS, FIBO6 POINTS, FIBO7 POINTS to this Moving Average. The levels form strong resistance levels where the probability of price turning back (correcting) is very high. As a result we place our targets for BUY trades at these Fibonacci levels.

Buy: Place Buy trade when candle touches or crosses above the Blue line. Do not enter trade if candle has gap-up opening. Place initial stop below the nearest Swing Low. Place initial target at the first Magenta line above the enter price, which is the first Fibonacci level. When the price touches the first Fibonacci level, move the stop-loss to the entry price. When the price reaches the second Magenta line, which is the second Fibonacci level then move the stop-loss to the first Fibonacci level and so on.

Sell: This indicator does not provide SELL signals.

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.