Dots
indicator is a VertexFX client side VTL indicator that displays the current
direction of trend by placing colored dots on the required chart.
Blue dots indicates an uptrend, and red dots
indicates downward trend.
Although
the Dots indicator does not base its calculations on standard indicators, but
it uses a function called Moving Average (MA) for its calculation, depending on
the price specified by the user (Open, Close, High, Low, Typical, and so on).
The calculation is based on the cosine of the
angle of price changes. Traders can change several input parameters from the
parameters of the VTL. Input parameters: Length (default = 10) - the period of
the indicator. The higher the value, the greater the time lag, but the fewer
false alarms shows. AppliedPrice (default = PRICE_CLOSE) - price type for use
in the calculation. Filter (default = 0) - a useful option to filter the spikes
in prices without adding delays in the display. Deviation (Default = 0) - indicator
moves vertically. Shift (Default = 0) - indicator moves horizontally. NBars (Default
= 200) It determines the number of bars on which to build the indicator.
Advice: The recommended strategy - wait for 2 completed
bars and place the position in the direction of the trend.
C:\ProgramData\VertexFX
Client Terminals\"Company name"\VTL10\Local VTL Scripts
Then right
click on the tree and select refresh or restart your client station and you
will find under VTL local scripts in your client terminal.
You can
check this video that talks about Dots Indicator: