Thread: IMA TRUE FIBS ABOVE- Vertex FX Indicator

iMA TrueFibs Above 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 adding the FIBO1_POINTS, FIBO2_POINTS, FIBO3_POINTS, FIBO4_POINTS, FIBO5_POINTS, FIBO6_POINTS, FIBO7_POINTS to this Moving Average.
The levels form strong resistance levels where the probability of price turning back (correcting) is very high. As a result we place our targets for BUY trades at these Fibonacci levels.
BUY - Enter BUY trade when candle touches or crosses ABOVE the BLUE line. Do not enter trade if candle has gap-up opening. Place initial stop below the nearest Swing Low. Place initial target at the first MAGENTA line above the enter price, which is the first Fibonacci level. When the price touches the first Fibonacci level, move the stop-loss to the entry price. When the price reaches the second MAGENTA line, which is the second Fibonacci level then move the stop-loss to the first Fibonacci level and so on.
SELL - This indicator does not provide SELL signals.