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vStore   VTL Plugins Free SHI SilverTrend Colour Bars

SHI SilverTrend Colour Bars

SHI Silver Trend Colour Bars indicator is a powerful VertexFX client-side indicator that identifies market cycles and provides entry and exit signals based upon the changing patterns of the market cycles.
In a sideways market, the price moves within a well-defined band. This trading band is typically defined by the Highest High and the Lowest Low over the recent PERIOD bars. When the price touches the upper band, it turns around and falls. Likewise, when the price touches the lower band, it turns around and rises. Most of the volume and average trading occurs within the middle 60% of the band. This can be termed as the inner band.

The concept behind this indicator is that when the price initially breaks out of the inner band, and then immediately breaks out of the outer band it indicates the start of a strong trend in the direction of the breakout. This breakout should be traded with a stop-loss placed at the opposite side of the band.

We calculate the trading range (outer band), which is the Highest High and Lowest Low over the recent PERIOD bars. We then calculate the inner band, which is 30% above and below the center of this trading range. When the price closes above the inner upper band, and then on the next bar closes above the outer upper band, a bullish breakout (Buy) is considered. Likewise, when the price closes below the inner lower band, and then on the next bar closes below the outer lower band, a bearish breakout (Sell) is considered.

BUY Place Buy trade when the indicator histogram displays a Blue bar at the close of the candle. Do not open Buy trade if candle has gap-up opening. Place stop-loss below the nearest Swing Low level.
SELL

Place Sell trade when indicator histogram displays a Red bar at the close of the candle. Do not open Sell trade if candle has gap-down opening. Place stop-loss above the nearest Swing High level.

Usage

  • Download the attachment from vStore or directly from the vStore tab in your terminal by performing a right click on it and selecting Download & Install
  • Copy it to your company VertexFX Local VTL Files folder i.e. C:\ProgramData\VertexFX Client Terminals\"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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12 February 2016
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