The Supertrend is one of the most used indicators by traders when it comes to determining whether the market is up-trending or down-trending.
This indicator is displayed as a trailing stop, showing a lower monotonic extremity during up-trends and an upper monotonic extremity during down-trends. Today we propose a channel indicator based on the Supertrend trailing stop using trailing maximas/minimas.
Settings
Length: Atr length used by the Supertrend indicator.
Mult: Multiplicative factor for the Atr used by the Supertrend indicator.
Usage
The ability of the indicator to show an up-trend or down-trend is the same as the Supertrend, with rising channels when an up-trend is detected by the Supertrend and declining channels when a down-trend is detected by the Supertrend.
The look of the channels can remind of the Donchian channels indicator, and as such a similar usage can be appropriate. The extremities can for example be used as supports and resistances.
Additionally, the channel's average can be used to filter out noisy variations in the price while keeping a good distance from the price.
Hello Lux Brilliant work, something wrong with alerts? They seem they only work with once per bar, but would like to use once per bar closed.
Vibranium_Capital
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Thank you! I’m going try it out sometime soon
ruiparreira82
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Is this a repaint?
khanglui
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Congratulations for building this indicator. There is inherent value in it when used correctly. I track approximately 60 stocks with Supertrend. I have also optimised the ATR and Factor for each stock for very specific results. Is there a way to make TV remember the individual variables for each stock? I have to change them when reviewing each of the 60 stocks.
mgwolf39
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@khanglui, Hello, you can save the indicator as a private script for yourself with the optimised values. For example if you have a Supertrendchannel with x,y values you can edit the default values to x,y in the code and save it as (supertrendchannel with x,y/for x,y) and so on for each of your optimised values and add them to your chart. You still would have to chose the indicator for specific stocks but at least this time you won't be configuring again and again
khanglui
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@mgwolf39, Hi there! thank you for your suggestion. I have tried your suggestion and it has brought me one step closer to my ideal solution. The next step is to save the private scripts with different variable values to different layouts. Once that is done, I will open each layout in a different tab. This will definitely reduce my effort a lot. Much appreciated. I owe you one. Please feel free to message me if you need any help with trading and/or money/risk management. Cheers!!
@khanglui, we created a screener which enables supertend modification for the top 1000 crypto markets. We'll be adding stocks from 2023. Have a look if you like :)
Brilliant work, something wrong with alerts? They seem they only work with once per bar, but would like to use once per bar closed.