Maksi Gen VertexFX Indicator

verdesolution

Active Trader
Nov 1, 2018
7
0
26
35
MaksiGen Range Move is a simplistic VertexFX client-side indicator script that generates BUY and SELL signals based on trading ranges, and range breakout methodology.

The concept behind the indicator is to find the Highest Highs and Lowest Lows over a shorter period and a longer period. If the Highest Highs and the Lowest Lows are identical, it implies that the market is range bound over the specified range, and a breakout is possible.
The idea is to trade the breakout on either side, using BUY-STOP or SELL-STOP trades.

In the first step, we calculate the Highest High and the Lowest Low over the recent PERIOD FAST bars. These levels are displayed by SILVER dotted horizontal lines.
In the second step, we calculate the Highest High and the Lowest Low over the recent PERIOD SLOW bars. Once again, these levels are displayed by SILVER dotted horizontal lines.
Trendlines are drawn between the two Lowest Low levels and Highest High levels in GOLDEN color. The trendlines typical for a consolidation or "squeeze" area from which price may breakout in either direction.

If both the Highest Highs are identical, and likewise if the both the Lowest Lows are identical, it implies that the market is in consolidation mode. In such a case, a BUY-STOP (BLUE) horizontal line is displayed at the Lowest Low + RANGE OPEN K * Range, where Range is Highest High - Lowest Low. Likewise, a SELL-STOP (RED) horizontal line is displayed at Highest High - RANGE OPEN K * Range, where Range is Highest High - Lowest Low.

BUY - Place BUY-STOP trade if BLUE horizontal BUY line is displayed. Do not place a trade if horizontal BLUE buy line is not visible. Cancel pending BUY-STOP order if horizontal BLUE buy line is not visible. Place stop-loss below the nearest Swing Low or Support below the Lowest Low line.
SELL - Place SELL-STOP trade if RED horizontal SELL line is displayed. Do not place a trade if horizontal RED buy line is not visible. Cancel pending SELL-STOP order if horizontal RED buy line is not visible. Place stop-loss above the nearest Swing High or Resistance above the Highest High line.
 

Attachments