Swing Point

Swing Point indicator is a useful VertexFX client side VTL indicator for trading price breakouts. Also , it is also used by traders to determine market turning points, and for placing stop-losses.

A swing point is a candle high or a candle low which is surrounded by lower High on either side, or a lower Low on either side. When the recent swing low crosses above the recent swing high by a distance of REVERSE_POINT points, or a recent swing high crosses below the recent swing low by a distance of REVERSE_POINT points, the indicator defines it as a decision point and marks it on the chart. Traders prefer to place stop-losses below Swing Points for buy positions and above Swing Points for sell positions.

BUY – Place Buy position when price closes above the most recent Swing Point. Place stop-loss (SL) below the nearest Swing Point which is below the current price.
SELL – Place Sell position when price closes below the most recent Swing Point. Place stop-loss (SL) above the nearest Swing Point which is above the current price.

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.