Elder Impulse System + ATR BandsDisregard the above chart, I am not sure why it isn't showing the one I want, which is linked below:
This is as far as I can tell the closest representation to Dr. Alexander Elder's updated "Elder Impulse System" that has added ATR-volatility bands up to 3x deviations from price. I got the idea from watching this recent video (www.youtube.com) of Dr. Elder reviewing some recent trades and noticed he had updated his system from his original books. The Impulse System colour coding was inspired by AstralLoverFlow and LazyBear. ATR Bands are pre-programmed Keltner Channels with some modifications such as filing in the ATR Zones with user-selected colour bands and modifying the ATR value to better suit the volatility of the market being traded.
The script has several components, which I will detail below:
Exponential Moving Averages:
1) A 13-period EMA that is used as a staple in all of Dr. Elder's technical analysis. He uses this EMA as the basis for all of his indicators and why it is included here.
2) A 26-period EMA which can be used as a base-line of sorts to filter when to go long or when to go short. For instance, price over the 26-EMA, price is strong and the rally upwards is likely to continue, underneath it, price is weak and likely to continue downwards for a time.
Volatility Bands:
By definition these are nothing more than 3 separate Keltner Channels of a 13-period EMA each set to one additional multiplier from the moving average. This gives us a 1x, 2x, and 3x multiplier of average volatility from the 13-period EMA based on a 14-period Average True Range (ATR) reading. The ATR was chosen as it accommodates price gaps and also is the standard formula calculation in TradingView. The values of the bands cannot be adjusted but the colour coding of them can be.
Elder Impulse System:
These colour-coded bars show you the strength and direction of the current chart resolution, calculated by the slope of a 13-period EMA and the slope of a MACD histogram. These are used not as a buying or selling recommendation alone but as trend filters, as per Dr. Elder's own description of them.
Green Bars = The 13-period EMA is sloping positively and the MACD histogram is rising compared to previous bars. The trader should only consider buying/long opportunities when a green bar is most recent.
Red Bars = The 13-period EMA is sloping negatively and the MACD histogram is falling compared to previous bars. The trader should only consider selling/short opportunities when a red bar is most recent.
Blue Bars = The 13-period EMA and the MACD histogram are not aligned. One of the indicators is sloping opposite to the other indicator. These are known as indecision bars and are typically seen near the end of a previously established trend. The trader can choose to wait for either a green or red bar to shape their trading bias if they are more risk-averse while a counter-trend trader may decide to try opening a position against the currently-established trend.
How To Trade the System:
This system is unique in that it is so versatile and will fit the styles of many traders, be it trend following traders (generally the original Elder Impulse System design) or mean-reversion/counter-trend trading (the original Keltner Channel design). None of the examples below or in the chart above are financial advice and are just there for demonstration purposes only.
1) The most basic signal given would be the moving average cross up or down. A cross of the 13-EMA over the 26-EMA signals upward trend strength and the trader could look for buying opportunities. Conversely, the 13-EMA under the 26-EMA shows downward trend strength and the trader could look for selling opportunities.
2) Following the Elder Impulse system in conjunction with the EMAs. Look for long opportunities when a green bar is printed and price is over both of the 13- and 26-period EMAs. Look for short opportunities when a red bar is printed and price is below both of the 13- and 26-period EMAs. Keep in mind this does not necessarily need a moving average cross to be viable, a green or red bar over both EMAs is a valid signal in this system, usually. Examine price more closely for better entry signals when a blue bar is printed and price is either above or below both EMAs if you are a trend trader. This is how Dr. Elder originally intended the system to be used in conjunction with his famous Triple Screen Trading System. I am not going into detail here as it is a deep subject but I would suggest an interested trader to examine this Triple Screen System further as it is widely accepted as a strong strategy.
3) Mean Reversion and Counter-Trend Trading. Dr. Elder mentions that the zone between the two EMAs is called the Value Zone. A mean reversion trader could look for buying opportunities if price has generally been in an uptrend and falls back to value, conversely, they could look for shorting opportunities if price has generally been in a downtrend and rises back to value. These are your very basic pull backs found in trends that create your higher lows in an uptrend or your lower highs in a downtrend. A mean reversion/scalper trader may also look to use the upper and lower most ATR bands as an indication of price being overbought or oversold and could look to enter a counter-trend trade here once a blue indecision bar is printed and to ride that move back down to the Value Zone.
Taking Profits and Risk Management
This system again is very versatile and will fit a wide range of trading styles. It has built in take profit levels and risk management depending on your style of trading.
1a) In original Triple Screen Trading (and the original Elder Impulse system), a trader was to place a buy order one tick above a newly printed green bar with a stop loss one tick below the most recent 2-day low, and vice-versa for red bars on short selling. as long as other criteria were met, that I will not go into. It is all over YouTube and in his books and on Investopedia if you want more information. The general idea is to continue the trend in the direction if price is strong and you are bought into that move with a close stop, or if price falls back a little bit, you can get in at a better price. This would be a system typically better suited to a scalper.
1b) The updated risk management according to the above video is to place a stop loss at least 2ATR away from price. These bands already have calculated these values so a trader can place a stop one tick below the 2 or even 3ATR zones depending on their risk appetite. This is assuming you have already received a strong buy signal based on the system you follow. This would be a system typically better suited to a trend-trader.
2a) Taking profits if you are a trend trader has several possibilities. The first, as Dr. Elder suggests, is to place a price target 2ATR values away from your entry giving you approximately a 1:1 risk-reward ratio.
2b) The second possibility if the trade is successful is to ride the trend upwards until a blue bar is printed, suggesting indecision in the market. A modified version of this that could let a winning trade run longer is to wait for the price to close under the 13-EMA in fast markets, or close under the 26-EMA in slightly slower markets to maximize potential winnings.
2c) A scalper trader may wish to have a target at either the value zone if they are playing an extended buy/short back to the mean, or if they are being at the mean, to sell or cover when price extends back out to the 2x or 3x zone.
3) Trend traders can additionally use the ATR zones as a sort of safety guidelines for entering a trade. Anything within the 1ATR zone is typically a safer entry as the market is less volatile at this time. Entering when price has gone into the 2ATR zone is signaled as a strong momentum move and can signal a stronger move in the direction of the current closing bar. While not always the case, it is suggested by Dr. Elder to not enter trend trades at the 3ATR zone as this is where you will be likely looking for a counter-trend retracement back to value and a trader entering here in the direction of the trade has a higher chance of being stopped out or not getting in at the best possible price.
ATR
Risk Management Tool [LuxAlgo]Good money management is one of the fundamental pillars of successful trading. With this indicator, we propose a simple way to manage trading positions. This tool shows Profit & Loss (P&L), suggests position size given a certain risk, sets stop losses and take profit levels using fixed price value/percentage/ATR/Range, and can also determine entries from crosses with technical indicators which is particularly handy if you don't want to set an entry manually.
1. Settings
Position Type: Determines if the position should be a "Long" or "Short".
Account Size: Determines the total capital of the trading account.
Risk: The maximum risk amount for a trade. Can be set as a percentage of the account size or as a fixed amount.
Entry Price: Determines the entry price of the position.
Entry From Cross: When enabled, allows to set the entry price where a cross with an external source was produced.
1.1 Stop Loss/Take Profit
Take Profit: Determines the take profit level, which can be determined by a value or percentage.
Stop Loss: Determines the stop loss level, which can be determined by a value or percentage.
2. Usage
One of the main usages of position management tools is to determine the position size to allocate given a specific risk amount and stop-loss. 2% of your capital is often recommended as a risk amount.
Our tool allows setting stop losses and take profits with different methods.
The ATR method sets the stop loss/take profit one ATR away from the entry price, with the ATR period being determined in the drop-down menu next to the selected methods. The range method works similarly but instead of using the ATR, we use a rolling range with a period determined in the drop-down menu next to the selected methods as well.
Unlike the available position management tool on TradingView, the entry can be determined from a cross between the price an an external source. The image above shows entries from the Volatility Stop indicator. This is particularly useful if you set positions based on trailing stops.
Rate Of Change ATRThis is a very basic, but powerful script.
It gives you the ratio between the rate of change of the last x days and the average true range of the last y days.
---> ROC-ATR Ratio = ROC/ATR
Therefore, you can see how much the price has moved relative to the prices in the past.
This is important because (in my opinion) the basic ROC indicator is not very meaningful if you don't look at the average volatility of recent history.
For example, a ROC of 5% over the last 3 days might be very high for Forex but very small for some crypto.
Consequently, this indicator makes it possible to compare (and be used on) every instrument in every industry the same way.
Generally speaking, it makes more sense if the ATR length is larger than the ROC length.
Keltner Center Of Gravity Channel ( KeltCOG )I have the ambition to create a ‘landscape’ which enables the user to see the ‘mood’ of the market about the price of an instrument, simply by looking where the candles go. Prices are a simple phenomenon , they go up or down or stay the same. This is represented quite well for the short term by a candle. I recommend to study candle patterns. Prices not only fluctuate but also trend up, down or go sideways. The user should analyze this by determining the COG (Center Of Gravity) and the ‘normal’ current range by using the historical data in a lookback period.
As a COG the center line of a Donchian Channel is often used. I.m.o. a COG should be a zone, in this channel I use the gray zone of my Donchian Fibonacci Channel, The ‘normal’ range is a multiple of Average True Range, as used in a Keltner Channel. Combining the two can give a cumbersome result, as one can see in my Keltner Fibonacci Channel. In this KeltCOG channel I solved this by not using all Fibonacci levels and by making the Keltner lines strictly parallel to the nearest COG line. To do this, I use the fact that the COG lines have horizontal stretches, there I make the Keltner lines horizontal too. Only where the COG lines change value, the Keltner lines are recalculated. This way the channel gets a very regular shape with three clear zones.
Interpretation of a chart by using the KeltCOG channel.
Overbought: If the candles go higher then the blue zone, the market is hyper enthusiast, creating an overbought situation. This is often followed by a reversion to the COG.
Uptrend: If the candles form in the blue zone, the market is enthusiast and willing to pay more.
Hopeful: If the candles form in or near the upper uncolored zone, the market is hopeful and is thinking about paying more. Sometimes prices go a little up.
Content: If the candles form in the gray zone, which represents COG, the market is happy with the current prices, so these move sideways
Disappointed: If the candles form in or near the lower uncolored zone, the market is disappointed and contemplates paying less, sometimes prices go a little down.
Downtrend: If the candles form in red zone, the market doesn’t like the instrument at all, rejects the current price and is only prepared to pay less.
Oversold: If the candles form below the red zone, the market overdoes its disgust, creating an oversold situation, often followed by a reversion to the COG.
Moving Average Support and Resistance ChannelThe Moving Average Support and Resistance Channel is a channel that consists of trend lines of resistance and support of the analyzed instrument, represented as moving averages with the selected type and smoothing period on a certain timeframe, where:
- Middle Line - the middle of the channel (the moving average of the pivot point using the Floor Pivot method)
- R1 - first resistance (moving average of support + Factor*ATR)
- R2 - second resistance (R1 + Factor*ATR)
- S1 - first support (moving average of resistance-Factor*ATR)
- S2 - second support (S1-Factor*ATR)
- Factor-ATR multiplier
Despite the fact that the indicator consists of moving averages, it can work equally well both during a trend and in its absence.
Characteristics of the trend movement:
• During an uptrend, the moving averages of the indicator are directed upwards, the price is above the Middle Line level most of the time
• During a downtrend, the moving averages of the indicator are directed down, the price is below the Middle Line level most of the time
• During the flat period, the boundaries of the moving average channel narrow, the channel tends to align in a horizontal position, the price consolidates most of the time around the Middle Line level, fighting off the support and resistance levels of the indicator.
The position of asset prices outside the indicator may mean an early correction or trend reversal.
How to trade:
One of the trading methods may be that during a breakout or a pullback after a breakout of the Middle Line level, the target of further movement, depending on the direction of this movement, may be the levels R1, R2 or S1, S2. Use this situation to make a profit.
I wish you good luck in building your trading plans and remember: such indicators do not predict the future price movement on the chart, they only determine the characteristics of the price movement at the current time, taking into account historical data.
Percent ATRThe script changes the default output of ATR and shows the result based on the percentage. It could be usefull when do you want to know about the percentage of the movement.
NNFX ATRBefore I begin I want to mention:
1. This is an indicator specially made for NNFX traders who use the ATR rule of ATR1x for Take Profit and ATR1.5x for Stop Loss
2. It is a product of combining the in-built ATR and Dillon Grech's ATR ()
The indicator:
1. It can be used for a quick look using the lines to see instead of calculating whether price hit a TP or SL. However I have kept the Main ATR for those who want to record the ATR into the spreadsheet when back testing or forward testing
2. When placing a buy/long order, TP is blue and appears above price, SL is red and appears below price
3. When placing a sell/short order, TP is blue and appears below price, SL is red and appears above price
4. The Main ATR, which is yellow, is way below price because I didn't want the chart to be overwhelmed by a 5th line in the middle of 2 TPs and SLs aka make the chart look claustrophobic
ATR Start & Stop BotThis script is using Average True Range (ATR) and works very well on the Bitcoin 4 hour timeframe to determine when to stop and start your bots.
It has a very similar visual to the EMA RSI Indicator found here:
This 'ATR Start & Stop Bot' is better because it has less confusion during sideways market movement.
As an example - You are using 3commas and have a Composite bot setup with several alt coins, you can use this indicator with the ' Stop bot ' alert to disable your composite bot from taking trades at times when the market is on a trend that looks in the red.
Alternatively you can use the ' Start bot ' alert to turn your bot back on during the green uptrends.
Using this indicator with these alerts on the Bitcoin 4-Hour chart add a great layer of automation to your already existing bots.
Credits:
Original 'ATR Stops' indicator belong to the user failathon and that script is found here:
Also credits to Dradian for the alert additions.
Study: Candle MA Distance (ATR)Simple script that plots price to MA distance (ATR) as a bar chart.
ATR is being used here instead of % because ATR keeps it relative to current volatility (1ATR move in either direction can have very different % for when price at 20cent and 2 dollars).
Upper/Lower band is calculated based on the average of previous peak/trough. Price approaching the band could signal overextended in the short term movement, expect price to consolidate/retrace to the MA.
Caution: if the indicator shows the price "pulled back" to MA, the actual price could still go up (or down), just a little slower then the MA
Adjustable Settings:
- Plot as bar or line
- MA Type and Length
- ATR Length
█ Disclaimer
Past performance is not an indicator of future results.
My opinions and research are my own and do not constitute financial advice in any way whatsoever.
Nothing published by me constitutes an investment recommendation, nor should any data or Content published by me be relied upon for any investment/trading activities.
I strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
SuperTrend+ DuoUses two SuperTrend+ indicators to signal when a change in trend is confirmed.
By using a minor trend within the major, a pullback after a turning point can signal a more optimal entry.
See SuperTrend+ for more details.
Av3Based on the ANNE EA v3 for MT4. For use on FOREX.
if ATR is greater than ATR average taken from last 5 candles, then market considered as trending, and so Open(0)>Close(1)=buy Open(0)Close(1)=sell Open(0)<Close(1)=buy.
If trending, then buy high & sell low, if consolidation then buy low sell high.
Exit is by trail and Take Profit.
PM me for edit or MT4 version info.
Timeweighted Colored VWAP with SlopeHey, traders!
This script calculates the VWAP's change rate against ATR in a number of k-lines. It controls the VWAP line's color based on the average change rate, and it changes its color in a time-weighted way.
1. Calculating vwapValue's rate of change
2. Controlling Line's color based on the average change rate against ATR
3. Calculating average change rate in the past k-lines
K线的数量：计算多少根K线的VWAP值的变化率的平均值，相当于用K线的数量来时间加权
变化率阈值：线条颜色变化的阈值，VWAP值的变化率比这个大或者小时改变颜色，否则延续原来的颜色
Good luck with your trading!
SD - Average True Range v5 - DoubleSD - Average True Range - Daily Weekly Monthly Yearly v5
It gives ATR intervals as 4 hours, daily, weekly, monthly and yearly. The expectation is to fill the ATR targets within the specified ranges. It can be used to determine target points on charts with a clear direction on the train.
Unlike the previous version, it is provided to use 2 different periods in the same indicator.
Note: Developed based on the source codes of the original SD ADR indicator.
ATR Value on ChartHi Friends & TradingView community.
Greetings to you.
Many traders use ATR to set Stop loss.
The built in ATR indicator plots the ATR values as a line. However, many traders do not want the ATR to be plotted on their charts, but are only interested in the ATR value as such.
This script does that - it just prints the latest ATR with your set Multiplier value on the chart. I have used the built-in ATR indicator and made necessary additions to the code.
I hope this script proves useful to traders.
Queries / feedback welcome.
All the best.
Kifier's MFI/STOCH Hidden Divergence/Trend BeaterMFI/STOCH Hidden Divergence/Trend Beater
General Idea:
My premise around this strategy was to make a general strategy for crypto that would help out with finding entry positions for when you’re bullish on a crypto and want to hold on for a while, and at the same time avoiding massive drops. Essentially a way to mix long term/ swing trading; I somewhat achieved my goal however it still requires a lot of logic tuning of the trend averages.
I’m a huge proponent of volume indicators and coupled with average closing price, I think this gives a really good idea of what is happening with the market. It gives an idea on the market and retail investor sentiment. This generally gives you logical entry positions (Although I don’t know how amazing that will work with all cryptos, there’s a fine line between a good strategy and one that just rides bubble market conditions, some would argue that’s still a success and others not)
How it works:
There are many components to the strategy that try to do different things:
First of all there are two types of entries, a MFI hidden divergence with a STOCH check, essentially it will only fire when a divergence is detected while STOCH is above 50%, however this might be changed in the future as due to the volatile nature of cryptos, the STOCH is not too effective. The second entry is a simple MFI/STOCH trend, if STOCH is above 50% and the trend is detected to be in a trending long, once a MFI crossover over the 50% line is detected an entry is placed, this is designed to get out profit where the divergence would otherwise be less accurate during strongly trending conditions.
-MFI is a great indicator, as a volume weighted momentum indicator I find it the most accurate of all, the STOCH however is a great indicator to get a general picture of simple market conditions and can filter out the emotional noise of retail investors.
-VWMA and an SMA (The bottom oscillator) gives an idea of the trend tacking into account of the volume, this serves as a more short term filter of the trend for filters.
-OBV checks are done between the OBV and an EMA of the OBV, to get the idea of a volume weighted long trend, which is important for crypto as there are massive rallies to go up due to retail greed, it’s great to jump onto it at the beginning, and get off before the stack of cards fall apart.
-ATR is used to detect when the market is relatively just ranging or moving sideways, which is where the hidden divergence entries are done, during predictable and profitable market conditions.
- Stop loss is based on the closest support of the entry, this is a nice medium of room to breath but also an actual stop loss.
Future plans and improvements:
Currently there’s a lot I want to improve, mostly the divergence detection and the overall sharpe ratio could be much better, but the current value of 0.5 gives me hope that the strategy is onto something. I also want to change TP from a percentage stop to something more dynamic but that might be too optimistic. The current plan is to paper trade test this either by manual or by a python bot, to see how it performs with some user input as well.
SuperTrend+Based upon popular SuperTrend (AKA: ATR Trailing Stop) indicator with the following differences and improvements:
Defaults to using Volume-Adjusted WMA ( VAWMA ) for ATR. (Can still be configured to behave exactly like classic SuperTrend.)
Can use SMA, EMA, WMA, VWMA, and VAWMA instead of just SMA.
Confirmation close bars for avoiding false breaks.
Details:
If the confirmation closing bars value is greater than zero (default of two bars), the trend will only reverse if the price closes outside the boundary for that number of bars (does not need to be consecutive) or if the opposite side of the bar exceeds the boundary.
The confirmation bar count will reset if the trend has resumed (opposite boundary is broken).
Confirmation examples:
In a down-trend, but the previous two bars close above the boundary.
In a down-trend, but the low of the previous bar exceeds the boundary.
In a down-trend, but the high of the previous bar exceeds the boundary when confirmation bars are set to zero.
NSDT Trend CandlesThis script changes the color of the candles based on uptrend (green), downtrend (red), neutral/chop (yellow). It uses an ATR and Pivots to determine the direction, or lack of. Since all markets move differently and market volatility changes, you will need to adjust the settings to find a potential match for the day. It's pretty simple to use. Just enter in the direction of the trend and exit (or reverse) when the candle color changes.
Dynamic SMAThis script uses dynamic length to create a different sma type.
The length of the "Dynamic SMA" - "dSMA" can be:
'RSI', 'Stoch', 'ATR', 'MFI' or '%R'
For example 'RSI' -> the length of the sSMA will be the RSI itself
The biggest challenge was:
'Pine cannot determine the referencing length of a series. Try using max_bars_back' error
The writer of 'referencing length of a series' issue gave following solution:
bar_index == 0 ? 4999 : len
or in case of values which don't go above 100:
bar_index == 0 ? 100 : len
This assigns the necessary buffer to the function.
I'm most grateful for the given solution!
These dSMA's can give Support/Resistance levels, also crossovers of different dSMA's can give extra information
Examples:
RSI
ATR (close / atr(len)
Stoch
MFI
%R
"show regular SMA" will show the "SMA" with the same length (with default lighter color)
ATR Stop Loss FinderThis Indicator uses Average True Range (ATR) to determine a safe place to put stop losses to avoid being stop hunted or stopped out of a trade due to a tight stop loss. Default multiplier setting is 1.5. For a more conservative stop loss use 2 and for a tighter stop loss use 1. ATR and stop loss prices are displayed in table at bottom of screen. Use high(red) for shorts and low(teal) for longs.
PMax on Rsi w/T3 *Strategy*Profit Maximizer Indicator on RSI with Tillson T3 Moving Average:
PMax uses ATR calculation inside, for this reason users couldn't manage to use PMax on RSI because RSI indicator doesn't have High and Low values in bars, but ATR needs that values. So I personally calculate RSI in a different way to have High and Low values of RSI wrt price bars.
IMPORTANT:
Because of the sudden movements and divergences on RSI , this indicator must firstly optimized for the charts before using. Optimization can be held by users for the meaningful parameters for each chart.
3 parameters are critical when optimizing:
First: Multiplier
Second: Tillson T3 Length
Third: T3 Volume Factor
Says, Kıvanç Özbilgiç. Here's the strategy version for you to backtest & optimize properly.
Enjoy.
Stronger Classical Support/Resistance + Round LevelsI wrote some Support/Resistance scripts before this. In this new script, I implemented the logic of the code from the scratch, so it's very different from my previous S/R indicators and I think it's more advanced, accurate and efficient.
As the result it could do the followings for now:
- Draw more strong classical resistance/support levels by checking previous direction changes of the chart as far as Pine technically allows
- Colorize the levels based on the counted points of retracement/pullback (The darker the color is, the stronger the level is.)
- Show the number of reactions to each level
- Change the color of each level based on its main role as support, resistance or both
- Draw close round levels to current price for Forex pairs
I suggest all users of my previous S/R indicators to try this one.
Feel free to send me any issue or opinion!
ADR% / ATR / LoD dist. TableDisplays the following values in a table in the upper right corner of the chart:
ADR%: Average daily range (in percent).
ATR: Average true range (hidden by default).
LoD dist.: Distance of current price to low of the day as a percentage of ATR.
All values are calculated based on daily bars, no matter what time frame you are currently viewing. Doesn't work for time frames >1D, which is why the table is not shown on weekly/monthly charts.
Credit to MikeC / TheScrutiniser and GlinckEastwoot for ADR% formula
Supertrend BandsSupertrend Bands
What is the Supertrend indicator?
"The Supertrend indicator is a trend following overlay on your trading chart, much like a moving average, that shows you the current trend direction.
The indicator works well in a trending market but can give false signals when a market is trading in a range.
It uses the ATR (average true range) as part of its calculation which takes into account the volatility of the market. The ATR is adjusted using the multiplier setting which determines how sensitive the indicator is."
"For the basic Supertrend settings, you can adjust period and factor:
- The period setting is the lookback for the ATR calculation
- Factor is the what the ATR is multiplied by to offset the bands from price"
How to use this indicator
This indicator is inspired by a strategy I found. It includes four Supertrend indicators, each with different settings that displays trend strength and support/resistance zones. The default settings are optimal for cryptocurrency but do work quite well for traditional also. I highly recommend you try experimenting with different settings, increasing them to suit the instrument.
The bands are set from low to high, Band 1 being the fastest and Band 4 being the slowest. Band 4 is the one that sets the overall trend so when price is above Band 4, the trend is bullish and vice versa. Trend is strongest when price is above/below Band 1 and gets weaker as it filters through each band. Band 4 provides the strongest support/resistance and if that breaks the trend flips.
In the menu, you will see an option called "Remove Anti Trend?". It is enabled by default and it removes any bearish/resistance bands when the trend is up and any bullish/support bands when the trend is down. When turned off, it will show all Supertrend Bands as they are by default.
Bar Colors
Bar colors are optional and they reflect the current trend strength based on the Supertrend bands.
Alternate ways of using this indicator
You could leave everything as default or you can display individual bands. For instance, because I use many overlay indicators, most of the time I turn off all the bands and only show bar colors:
You can also turn off Bands 1 and 2 and only show the two slowest lengths:
This removes the noise of the two faster Supertrends.
Or just show the two fastest bands:
Any suggestions to improve this indicator are most welcome :)
