TD Points & Lines

At first step we calculate the Swing Highs and the Swing Lows starting from the recent candle to the oldest candle. The support (RED) line is drawn from the most recent Swing Low to the nearest encountered Swing Low which is below the most recent Swing Low. As a result, the support line has an upwards direction. The resistance (RED) line is drawn from the most recent Swing High to the nearest encountered Swing High which is above the most recent Swing High.

The concept behind this indicator is that when the support trend line is broken, then it marks the beginning of a new downtrend, and hence a Sell position should be initiated. Similarly, when the resistance trend line is broken, it is considered as the beginning of a new uptrend, and hence a Buy position must be initiated.

Buy: Place Buy position when price cross above the projection of the Blue line on the current bar from below. Place stop-loss below the support trend line.

 

Sell: Place Sell position when price cross below the projection of the Red line on the current bar from below. Place stop-loss above the resistance trend 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.