This indicator is based on the "Vegas Tunnel" system from FTMO, please check out their site here for some good documentation: ftmo.com/en/vegas-tunnel-trading/ I give FTMO full credit for this indicator, all I did here was make it easy to throw it up on a chart.
Personally, I've had some success trading with this method. I encourage doing some back and forward testing to see if it is something that would fit your trading style.
Sir I cannot see the fib levels in my chart, only the tunnel and the filter. Is there anything I setup wrong?
AxeCapital2024
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it seems the fibs are overlapping with the tunnel.
TheMagicDrP
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Hi @fmqfjfgspg, I just took a look at this script... It's been a while. This indicator was designed with FOREX in mind, so the numbers being worked with are very small. If you view a stock or futures contract that uses whole dollar amounts, the scale is going to be way off.
I did look at this a month ago and made a note to make the unit of calculation adjustable (.0001 for FOREX non-JPY pairs, .01 for JPY pairs, and 1 for stocks and futures.)
I'm not sure when I can update it just yet, but I'll try to get it done in the next week or two at most. I need it for stocks as well, so I won't ignore this request. It's a good one.
AxeCapital2024
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@TheMagicDrP, thanks sir, since I trade BTC and other cryptos, I really look forward to your update. I will constantly check this page for your update.
AxeCapital2024
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@TheMagicDrP, another thing that bothers me is how to calculate the pips. For cryptos like Bitcoin and Ethereum, if they all use whole dollor as a pip size, it doesn't make sense that a ETH at 2000 uses the same size as a BTC, which is 37000ish. For the sake of taking profit, I have trouble using it.
knownDealer91572
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@TheMagicDrP, were you able to make this update for adjustments for stocks/futures? If so I’m not sure how to make that adjustment