Thread: INTRADAY FIBONOCCI- Vertex FX Indicator

i-Intraday Fibonacci is a powerful VertexFX client side VTL indicator displays the valid Fibonacci levels for the current day based on the previous day. Fibonacci levels form important decision points for trading, as well as support and resistance levels.

This indicator displays the 23.6%, 38.2%, 61.8% and the 76.4% Fibonacci levels based on the previous day’s range. The previous day's range (previous High minus previous Low) is calculated, and the various levels are added to the previous day's Low.

CYAN - 23.6% level from previous day's Low.
GREEN - 38.2% level from previous day's Low.
YELLOW - 61.2% level from previous day's Low.
BROWN - 76.4% from previous day's Low.

Ideally, when the price rises above the BROWN (76.4%) level a bullish breakout is expected and similarly, when the price falls below the CYAN (23.6%) level, a bearish breakout is expected.
This indicator can be used in conjunction with other indicators to confirm the direction of the trade.
NOTE - This indicator is applicable on H4 and lower chart time-frames. This indicator does not provide BUY or SELL signals.
BUY - This indicator does not provide BUY signals.
SELL - This indicator does not provide SELL signals.