Supertrend Channel Histogram Oscillator

This histogram is based on the script "Supertrend Channels [LuxAlgo]"

The idea of the indicator is to visually represent the interaction of price with several different supertrend channels of various lengths in an oscillator in order to make it much more clear to the trader how the longer trends are interacting with shorter trends of the price movement of an asset. I got this idea from the "Kurutoga Cloud" and "Kurutoga Histogram" by D7R which is based on the centerlines of 3 Donchian Channels, however after I started using the Supertrend Channel by LuxAlgo I found that it was a more reliable price range channel than a standard Donchian Channel and I made this indicator to accompany it.

This indicator plots a positive value above 0 when the price is above the centerline of the supertrend channel and a negative value below 0 when the price is below the centerline.

The first supertrend's length and multiple can be adjusted in the settings.

The given supertrend input is then doubled and quadrupled in both length and multiplication so that a supertrend histogram with the values of 3, 3 will be accompanied by 2 additional supertrend histograms with the values of 6, 6 and 12, 12.

The larger price trend histograms are clearly visible behind the short term supertrend channel's histogram, giving traders a balanced view of short and long term trends interacting. The less visible columns of the larger trend remain above or below the 0 line behind the more visible short term channel trend, helping to spot pullbacks within a larger trend.

Additionally, when the 3 separate histograms are all positive or all negative but the histogram columns are separating from each other this can indicate a potential trend exhaustion leading to reversal or pullback about to happen.

The overbought and oversold lines at 50 and -50 are representative primarily of the short term trend with above 50 or below -50 indicating that the price is pushing the boundary and potentially beginning a new short term supertrend in the opposite direction. If values do not noticably exceed these levels, then the current short term trend movement can be viewed as a pullback within a larger trend, with continuation potentially to follow.

I have had troubles converting the original code to v6 so this will be published here in v5 of pinescript to be used in conjunction with the original. I was intending to create a companion indicator for this oscillator that represents 3 supertrends with corresponding 2x and 4x calculations based on LuxAlgo's script, but I can't seem to get it to work correctly in v5.

For best visualization of the trends 3 LuxAlgo Supertrend channels with 2x and 4x values should be used in conjunction with each other to fully visualize the histogram.

Used in conjunction with other indicators this can be a very effective strategy to capture larger trend moves and pullbacks within trends, as well as warn of potential price trend exhaustion.