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

Trend Scalp - VertexFX

on Mon Mar 28, 2016 12:35 pm
Trend Scalp is a Client Side VTL indicator for scalping. It identifies the short term trend in the underlying instrument. Trend is identified based on price action. The indicator calculates trend direction by measuring the relative position of last bars high and low within the ranges of last 15 bars high low range. Then it plots the trend scalp indicator (red line). When it is rising above the zero level, strong uptrend is present and in strong down trend, the red line is below zero and falling downward. The aqua color line shows the trend direction. It is either +100 or -100, when it is +100, trend direction is upward, and when it is -100, trend direction is down.
The indicator applied to shorter time frames, it will work as a scalping indicator. Scalping is when the trader focuses on a few pips profit from fast trades. When trend direction changes to upward, the trend direction line, aqua colored line, flips to +100 from -100, trader can open buy position. Sell position is opened when the trend direction line flips to -100 from +100. Traders can apply a tight stop loss of about 10 pips and expect similar take profit levels. Also Buy position can be opened when trend scalp line is rising and above zero. It is better used in discretionary trading and the trend scalp indicator provides a good view of trend direction as well as trend strength.
Trend Scalp indicator can be customized to suit each symbol and time frame. To change parameter values, open the script in VTL editor. Parameters are located at the top of the script file and well documented. Experiment with different combinations of parameter values to pick the best values for the symbol and time frame.
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