Vegas Tunnel Signal

vegas_sig

Function Name: vegas_sig

Tags: Bends, Moving Averages

Category: Trend

This indicator is suited for 1h Forex Trading, and was developed by Vegas.

Step 1. Create a 1 hour chart on whatever currency pairs interest you. Barcharts or candlesticks really make no difference.

Overlay on this 3 things: 1) a 169 period [1 hour] ema [exponential moving average] 2) a 144 period [1 hour] ema 3) a 12 period [1hour] ema.

The 144 and 169 ema's create the "tunnel".

Step 2. For trading purposes, the fibonacci numbers of interest are 55, 89, 144, 233, and 377.

Step 3. Wait for the market to come into the area of the "tunnel". When it breaks ABOVE the upper tunnel boundary, you go long. When it breaks BELOW the lower tunnel boundary, you go short.

Step 4. Stops and reverse are placed on the other side of the tunnel.

Step 5. As the market trades in your direction, you take partial profits at the successive fib numbers respectively, with the final portion of your position left on until one of the following conditons occur: 1) market hits the last fib number [377 pips] from the ema's, or 2) the market eventually comes back to the tunnel and violates the other side.

 

Parameters

PointValue

 

Default Value: 0.0001  |  Minimum: 0  |  Maximum: 1

 

Type: Numeric

ShowTraderBar

 

Default Value: 0

 

Type: Boolean

ShowTraderMark

 

Default Value: -1

 

Type: Boolean

ShowEachOccurence

 

Default Value: 0

 

Type: Boolean

UseBullishSignals

 

Default Value: -1

 

Type: Boolean

UseBearishSignals

 

Default Value: -1

 

Type: Boolean