GRABBER is not just an indicator, but a real trading system for manual scalping, where several the author combines technical indicators at once for analyzing the market and defining trading goals.
How does GRABBER work?
Step 1 – using the FIBO CHANNEL indicator, the system builds a price channel, the boundaries and main levels of which are determined using the Fibonacci math formula.
Step 2 – using the GRABBER-1 indicator, pivot levels are determined outside of FIBO CHANNEL.
Step 3 – using a special filter, the distance of the pivot level from the borders of the price channel is measured.
Step 4 – after the quotes go beyond the price channel for a certain number of points and the reversal level occurs, the indicator gives an audiovisual signal and places on the chart:
- arrow-signal about the need to make a deal
- the level of location of the additional (averaging) limit order
- Take-Profit at one of the levels of FIBO CHANNEL
Step 5 – as the quotes move, the GRABBER-2 indicator trails the Take-Profit level, which makes it possible to close the deal at the most favorable price.
To get the best trading results, the author recommends to use trading accounts of the ECN type with a minimum spread.
GRABBER Manual Setup Options
- pp_Diap_for_In – the deviation from the border of the fibo-channel
- Input_Level_Buy – fibo-level for making a BUY
- Input_Level_Sell – fibo-level for making a SELL
- Out_Level_Buy – fibo-level to place Take Profit for BUY trades
- Out_Level_Sell – fibo-level to place Take Profit for SELL trades
- Number_Limit – the number of limit orders
- pp_Diap_Limit – the distance between limit orders
- Period_GRABBER_In – indicator period for opening trades
- Up_GRABBER_In – level for BUY
- Down_GRABBER_In – level for SELL
- Period_GRABBER_Out – indicator period for closing trades
- Up_GRABBER_Out – level for closing SELL
- Down_GRABBER_Out – level for closing BUY
- Period_Fibo_Indicator – period FIBO CHANNEL
- Fibo_Method – method of market analysis
- Fibo_Price – method of constructing a FIBO CHANNEL
- History_Bars – number of bars for market assessment