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vStore   VTL Plugins Free Internal Bar Strength (IBS) Oscillator

Internal Bar Strength (IBS) Oscillator

IBS

Internal Bar Strength Oscillator (IBS Oscillator) is a client- side VTL script. It is calculated as moving average of (High-Low)/(Close-Low) * 100 and plotted as an oscillator. IBS Oscillator is similar to other oscillators like stochastic and RSI. It is used to find oversold and overbought market conditions. IBS values above 60 level signals are overbought market conditions and consolidation or trend reversal is likely to follow. Oscillator values below 40 indicates oversold market condition and consolidation or trend reversal is likely to follow.

IBS Oscillator can be used for divergence trading also. Divergence between price and the IBS oscillator is the market makes indications to new high or low that  prevailing trend is losing momentum and trend reversal may follow. It can be used as a stand alone indicator to trade reversals or can be used as a confirmatory indicator together with other indicators.

The Oscillator levels (40 and 60 ) are marked by the horizontal lines in the oscillator pane. The IBS oscillator can be customized with the parameter "Per", the moving average period.

 

Usage

  • Download the attachment.
  • Copy it to your company VertexFX  Local VTL Files folder i.e. C:\Program Files\Company Name\vtl10\Local VTL Scripts\
  • Restart your Client Terminal or Right Click on "Local VTL Scripts" Tree Node to find the script.

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02 September 2015
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