Whale Supertrend (V1.0)

3 hari lalu

The script "Whale Supertrend (V1.0)" is an advanced trend indicator that uses multiple Supertrends with different factors to determine entry and exit points in the market. The Supertrend is a popular indicator that combines price and volatility to help identify trend direction. The script displays buy and sell signals based on the confluence of Supertrends.
How the script works
Configuring Supertrends

The script configures six Supertrends with different factors (factor, factor1, factor2, factor3, factor4, factor5) while using the same ATR period (atrPeriod = 10).

Supertrend 1: factor = 3
Supertrend 2: factor1 = 4
Supertrend 3: factor2 = 6
Supertrend 4: factor3 = 9
Supertrend 5: factor4 = 13
Supertrend 6: factor5 = 18

For each Supertrend, the bullish (blue) and bearish (purple) trend conditions are plotted on the chart.
Signal Calculation

The script calculates the number of Supertrends in bullish and bearish trend:

bullishCount: Number of Supertrends indicating a bullish trend.
bearishCount: Number of Supertrends indicating a bearish trend.

Signal Detection

The script triggers a buy or sell signal when at least three of the six Supertrends indicate the same trend:

Buy Signal (buySignal): Triggers when bullishCount is greater than or equal to 3.

Sell Signal (sellSignal): Triggers when bearishCount is greater than or equal to 3.

To avoid repetition, signals are only displayed when the state changes:

triggerBuy: Buy signal only when buySignal becomes true for the first time.
triggerSell: Sell signal only when sellSignal becomes true for the first time.

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Nota Keluaran

New Features:
Candle Coloring:

Candles now change color based on signals:

Green: When a Buy Signal is active.

Red: When a Sell Signal is active.

This provides a clearer visualization of market trends directly on the chart.

Dynamic Settings for Supertrends:

You can now customize the ATR Period and Factor for each of the 6 Supertrends via the settings panel.
Each Supertrend has independent parameters:

ATR Period: Controls the ATR calculation period.

Factor: Adjusts the Supertrend sensitivity.

Benefits:
Enhanced Readability: Candle colors help identify buy and sell zones at a glance.

Greater Customization: Tailor Supertrend settings to your trading strategy or market conditions.

How to Use:
Open the indicator settings to modify the ATR Period and Factor for each Supertrend.

"BUY" and "SELL" labels are displayed on the chart to highlight key signal points.

Summary of Additions: Candle coloring based on signals + fully customizable Supertrend settings.