Thread: IMA TRUE FIBS BELOW- Vertex FX Indicator

iMA TrueFibs Below is a handy VertexFX client side VTL indicator that provides BEARISH breakout signals based upon Moving Average and Fibonacci levels.
Moving Averages when integrated with Fibonacci levels provide excellent trade levels. This strategy is employed in this indicator.
In the first step we calculate the Moving Average of the close price for the MA_PERIOD bars. If MA_TYPE is 0 then the Simple Moving Average (SMA) is calculated, whereas if the MA_TYPE is 1, then the Exponential Moving Average (EMA) is calculated.
The Fibonacci levels 1 to 7 are calculated by subtracting the FIBO1_POINTS, FIBO2_POINTS, FIBO3_POINTS, FIBO4_POINTS, FIBO5_POINTS, FIBO6_POINTS, FIBO7_POINTS from this Moving Average.
The levels form strong support levels where the probability of price turning back (bouncing upwards) is very high. As a result we place our targets for SELL trades at these Fibonacci levels.
BUY - This indicator does not provide BUY signals.
SELL - Enter SELL trade when candle touches or crosses below the BLUE line. Do not enter trade if candle has gap-down opening. Place stop-loss above the nearest Swing High. Place targets at the next CYAN line, and move the stop-loss to trail the line above the price once it has touched the first Fibonacci line.