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.