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.
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