293# Fx Igor Trading System
Submit by Maximo Trader (Written FxIgor)
Time Frame 15 min, 30 min, H1
1/ When the new day starts the indicator loads 50% of the average daily range above and below the OPEN price with a MAROON panel
2/ The current daily HIGH & LOW is now displayed in a OLIVE GREEN within the MAROON Daily range display
3/When the CURRENT PRICE exceeds the 50% DAILY AVERAGE RANGE (SHORT/LONG Entry )then the colour turns GREEN for all the price action above or below the 50% AVERAGE DAILY RANGE.
4/If PRICE goes down 30 pips below the 50% DAILY AVERAGE RANGE then the LONG ENTRY also moves down with it keeping the LONG entry 50% of the DAILY AVERAGE RANGE above price.
EXAMPLE if the DAILY AVERAGE RANGE is 100 then that makes theENTRY LONG 50 pips and the ENTRY SHORT50 pips, if PRICE starts at say 500 then it has to go above 550 or below 450 to trigger an ENTRY. Now if price first starts to move up to 540 and stops short of the LONG ENTRY level by 10 pips then the SHORT ENTRY level will now be 50 pips below the 540 level. So now if price then reverses down you will get a SHORT ENTRY at 490 (50pips below the CURRENT DAILY HIGH) if PRICE continues to move down say another 60 pips to 430 the LONG ENTRY level will TRAIL it by 50% of the DAILY AVERAGE RANGE which in this example is 50 pips. This in effect will give you a new LONG ENTRY level at 580 if price reverses more than the DAILY AVERAGE RANGE .
The only thing i noticed which seemed a little odd at first was that when price moved a large distance then it is possible to have the SHORT ENTRY move above the LONG ENTRY but if you think about it that is what should happen in large moves because the SHORT ENTRY is still TRAILING the CURRENT HIGH by 50% of the DAILY AVERAGE RANGE and the LONG ENTRY below is your LONG ENTRY for the current long trade that is running and of course the reverse also applies with a large SHORT move.
In the pictures FX Igor System forex system in action.
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