Support and Resistance (Barry)

Support and Resistance (Barry) is a VertexFX client side VTL indicator based on the Fractal candles.

A Fractal High candle is a candle whose high has two lower Highs preceding it, and two lower Highs following it. Similarly a Fractal Low candle is a candle whose Low has two higher Lows preceding it, and two higher Lows following it. The Support level is a Fractal Low, whereas a Resistance level is Fractal High. The current Support level remains in place until a new Fractal Low is encountered. Likewise, the current Resistance level remains in place until a new Fractal High is encountered. The Support levels are displayed in BLUE dots, whereas Resistance levels are displayed in RED dots.

For Placing Stop-Losses:

BUY – For Buy positions, place stop loss just below the Support level.
SELL – For Sell positions, place stop loss just above the Resistance level.

For Trading:

BUY – Place Buy position, when price crosses above Resistance.
SELL – Place Sell position, when price crosses below Support

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.