Slope Direction Line

Slope Direction Line is a Client Side VTL Indicator. It shows the slope of price moves. Slope is a statistical measure showing the angle of price movement. Linear regression is used to calculate the slope direction line.

The indicator plots a line showing the slope of price movement in last ten bars by default. When the line color is white, the trend direction is up and red line indicates down trend. This is useful in identifying trend direction automatically. The change in slope direction can be used as entry signals in trading. When the slope direction changes from down to up, that is the red line turns white, buy position can be opened. It can be used as trend filter in trading systems also, when the slope direction is upward, open long positions, and when trend direction down, open sell positions.

When a persistent uptrend or down trend is identified by the slope direction line, by the slope direction remains in the same direction for a few bars, traders can expect continuation of price move in that direction and can open new positions. Exits can be made when the slope direction changes or trader can use a fixed stop loss and take profit.

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.