Setka - Vertex FX Indicator

Setka is a powerful VertexFX client side VTL indicator that is based on bounded ranges and provides trading ranges and signals. Setka is based upon Average True Range and closing price bands. The concept behind this indicator is that the Average True Range is a useful tool for determine volatility. When market transitions from a sideways movement to a trending market, its volatility rises. Similarly, when market changes direction from trending mode to sideways mode, the volatility decreases.

In the first step we calculate the Average True Range based on the ATR_PERIOD.In the next step we calculate the upper and lower bands based on the Average True Range and the ATR_MULTIPLIER. The upper band is the close price plus Average True Range multiplied by the ATR_MULTIPLIER. Similarly, the lower band is the close price minus the Average True Range multiplied by the ATR_MULTIPLIER.
The upper MAGENTA line is the greater of the previous and current value of the upper band. The lower CYAN line is the lower of the previous and current value of the lower band.
When either the upper or lower band is broken decisively with high volume, it implies that the trend has changed and it is commented to trade in the direction of the trend.
BUY - Enter BUY trade when candle closes above CYAN line. Do not enter BUY trade if candle has opened with a gap-up.
SELL - Enter SELL trade when candle closes below MAGENTA line. Do not enter SELL trade if candle has opened with a gap-down.