IMA TrueFibs Below
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IMA TrueFibs Below is a handy VertexFX client side VTL indicator that provides BULLIAH 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
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IMA TrueFibs Below is a handy VertexFX client side VTL indicator that provides Bullish 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 subtracting the FIBO1 POINTS, FIBO2 POINTS, FIBO3 POINTS, FIBO4 POINTS, FIBO5 POINTS, FIBO6 POINTS, FIBO7 POINTS from this Moving Average. The levels form strong support levels where the probability of price turning back (bouncing upwards) is very high. As a result we place our targets for SELL trades at these Fibonacci levels.
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BUY :
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This indicator does not provide BUY signals.
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SELL :
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Place SELL trade when candle touches or crosses below the BLUE line. Do not enter trade if candle has gap-down opening. Place stop-loss above the nearest Swing High. Place targets at the next CYAN line, and move the stop-loss to trail the line above the price once it has touched the first Fibonacci line. |
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.
Additional information
| Plugin-Type | Client VTL – Custom Indicator |
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| Compatibility |