Share
Go down
traderEd
Number of messages : 42
Points : 1201
Date of Entry : 2015-05-08
Year : 38

Gimmee Bars - VertexFX

on Wed Mar 23, 2016 8:58 pm
Gimmee Bars is a Client Side VTL indicator. Gimmee Bar is a price action reversal candle formation. When price trades above or below the Bollinger bands and immediately closes within the Bollinger bands, it is a Gimmee bar setup. Entry point is when price breaks the high or low of the Gimmee Bar. This is a powerful price action trading strategy.
The Gimmee Bar indicator identifies the Gimmee Bar formations and marks the entry points in chart. This being a counter trend strategy, it works better in trading ranges or consolidation. The indicator plots the Bollinger bands, use the Bollinger bands to identify trading ranges. When the Bollinger Band lines are not sloping up or down, the market is in a trading range. In a trading range, if a Gimme bar is formed at the Bollinger band top, open short position when the price breaks below the Gimmee Bar low. Buy when Gimmee Bar is formed at the bottom of the Bollinger Bands and setup bar’s high is broken.
The Bollinger Band Period and Standard Deviation can be adjusted through the parameters. To change parameter values, open the script in VTL editor. The parameters are located at the top of the script file, change the parameter values and apply the indicator again to chart.
Back to top
Permissions in this forum:
You cannot reply to topics in this forum