iKvant Levels - VertexFX

iKvant Levels is a Client Side VTL indicator. It is a support resistance level indicator. The level is calculated from the price range in last 5 bars. The calculation is based on the highest high and lowest low of last 5 bars and the high and low of each bar in this 5 bar range.  The indicator plots these levels on the candle chart. iKvant levels can be used as support resistance levels as well as a trend filter.
Price trading above the iKvant level indicates an uptrend and price trading below iKvant level indicates down trend. This level can be used for breakout trading. Falling iKvant levels indicate that the overall trend is down and rising iKvant level indicates the overall trend is upward. These levels can be used as stop loss with other trading strategies.
The indicator can be customized through parameters. To change the parameters, open the VTL script in VTL editor by double clicking on the iKvant indicator in navigator. Parameters are located at the top of the script. “HL Period” specifies the range to calculate iKvant levels. “k” is a coefficient to compare the price range in the specified period over the price range of each individual bar in the range. “Min Step” is determine the minimum deviation for a new iKvant level.

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