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ICWRa

ICRWa

ICWRa indicator is a VertexFx indicator that provides precise BUY and SELL signals by identifying market cycles using trends.

When the price moves in well-defined cycles, the trending indicators like Commodity Channel Index (CCI) and Average True Range (ATR) are useful in identifying trading spots where entry and exit signals can be taken. During sideways markets and whipsaws, these indicators can be tuned to avoid trades, or to exit losing trades quickly. The ICWRa indicator employs this strategy.

In the first step, we calculate the Commodity Channel Index (CCI) over the recent 50 bars.
In the second step, we calculate the Average True Range (ATR) values over the recent 5 bars.
In the third step, we calculate the standard deviation of the CCI and ATR over the recent 50 bars to identify the trading triggers.
When all the three components are rising, a BUY signal is generated by the indicator. Similarly, when all the three components are falling, a SELL signal is generated by the indicator.

This indicator can be used with another trend following indicators for confirmation of the signals.

The ICWRa indicator requires at least 50 candles on the chart.

BUY - Place BUY trade when the indicator has displayed a BUY (GREEN) arrow at the close of the candle. Avoid trading when repetitive BUY signals are encountered. Do not open the BUY trade if the candle has a gap-up opening. Place stop-loss below the nearest Swing Low or Support level.
SELL - Place SELL trade when the indicator has displayed a SELL (RED) arrow at the close of the candle. Avoid trading when repetitive SELL signals are encountered. Do not open the SELL trade if the candle has a gap-down opening. Place stop-loss above the nearest Swing High or Resistance 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:\Users\"Username"\AppData\Roaming\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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25 October 2018
Attachment (Desktop)

Download ICWRa.vtl (845 views)

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