Trend Scalp
is a Client Side VTL indicator that is used for for scalping. It identifies the
short term trend in the underlying instrument. Trend is identified using price
action.
The
indicator calculates trend direction by measuring the relative position of last
bars high and low within the ranges of last 15 bars high low range. Then it
plots the trend scalp indicator (red line). When it is rising above the zero
level, strong uptrend is present and in strong down trend, the red line is
below zero and falling downward.
The aqua
color line shows the trend direction. It is either +100 or -100, when it is
+100, trend direction is upward, and when it is -100, trend direction is down.
When
TrendScalp indicator is applied to shorter time frames, it will work as a scalping
indicator.
Scalping is
when the trader focuses on a few pips profit from fast trades. When trend
direction changes to upward, the trend direction line, aqua colored line, flips
to +100 from -100, trader can open buy position.
Sell position is opened when the trend
direction line flips to -100 from +100. Traders can apply a tight stop loss of
about 10 pips and expect similar take profit levels. Also Buy position can be
opened when trend scalp line is rising and above zero.
It is better used in discretionary trading and
the trend scalp indicator provides a good view of trend direction as well as
trend strength.
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 Trend Scalp indicator: