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traderEd
Number of messages : 42
Points : 1106
Date of Entry : 2015-05-08
Year : 37

iNDays Channel - VertexFX VTL

on Wed Sep 02, 2015 6:48 am
iNDays Channel is a VertexFX VTL Client side script. It plots support resistance channel on price chart. The support resistance levels are identified as the last fractal high and fractal low. The resistance line is colored blue, the support line is colored red and the yellow line is the middle line of the channel. The blue and red dots mark the fractal high and low.

The channel can be used for breakout trading. When price break below the red line (bottom line) and stays below it, a down trend is emerging. Price breaking above blue line (upper line) and staying above it indicates an up trend emerging. In consolidation, price will remain within the channel. The channel can be used as stop loss level also. Trades can be opened with breakout of the channel or in combination with other indicators confirming a breakout. 

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