TradeChartist

TradeChartist Drifter Lite

™TradeChartist Drifter Lite is an adeptly designed, functional and a visual indicator that plots trend-following Auto-Fibs, based on user defined lookback length, and includes the Ichimoku Cloud to help visualize the Price action in relation to the Support and Resistance limits of the Auto-Fibs.


What are the Drifter limits and Drifter Auto-fibs based on?

  • Drifter limits are based on the highest and lowest of the open/close values of the user defined Drifter Length (Default - 144).

  • These limits form the 0% and 100% Fib retracements, which help derive the 23.6%, 38.2%, 50%, 61.8% and 76.4% Auto-Fib plots of the Drifter.


Why is the Kumo of the Ichimoku included in the Drifter?

  • When the price enters the oversold/overbought zones of the Auto-Fibs towards the 100% retracement zones, the price could either come back to test the mean or follow the trend which becomes hard to predict without a secondary confirmator. Kumo cloud helps visualize the trend in relation to it and helps traders make an informed trade decision.

  • Users can use any of their favourite secondary confirmator like RSI , Stoch , MACD in addition to the cloud to further strengthen their decision.


How does the coloured bars help visualize the price action?

  • Drifter includes optional coloured bars which paint the price bars with the Bull/Bear strength based on the Drifter length.

  • The coloured bars help visualise the Bull/Bear power hold and also helps spot visible exhaustion which is a useful feature and acts as a good confirmator too.



Get in touch with me if you would like access to my Premium scripts for a trial before deciding on lifetime access.

Telegram - @Trade_Chartist

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