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VIP Consolidation Price
The VIP Consolidation Price indicator displays the price consolidation areas (a large gathering of sellers and buyers).
If these areas are broken through, with a high probability the price will continue to move in the selected direction.
The wider the price consolidation area, the higher the probability that the price will not return to the opposite boundary of the price consolidation channel after a breakthrough of the boundaries.
The narrower the area, the higher the probability that price will break through the boundaries several times before determining the direction of movement. The color of the channel shows the more likely movement of price.
- BUY - at the breakthrough of the upper boundary of the channel. Stop Loss is 3-5 points lower than the breakthrough boundary.
- SELL - at the breakthrough of the lower boundary of the channel. Stop Loss is 3-5 points higher than the breakthrough boundary.
For day traders:
- You can place Stop Loss on the opposite side of the price consolidation channel.
- Take Profit is set according to trailing stop, pivot or Fibo levels.