Dual SuperTrend, Ichimoku and DMI Color Weighted by DGTThis study interprets SuperTrend with Ichimoku Cloud, one of the popular technical analysis indicator, and interprets Directional Movement (DMI), which is another quite valuable technical analysis indicator.
Then combines the interpreted SuperTrend with interpreted Directional Movement (DMI) and Volume Based Colored Bars indicator created by Kıvaç ÖZBİLGİÇ (permission has been granted from the author)
Here are details of the concept applied
1- SuperTrend Line colored based on Ichimoku Cloud
Definition
The Ichimoku Cloud, developed by Goichi Hosoda and published in the late 1960s, is a collection of technical indicators that give it a unique capacity to show support and resistance levels, momentum and trend direction
What Does the Ichimoku Cloud Tells?
The overall trend is up when price is above the cloud, known as Kumo Cloud, down when price is below the Kumo Cloud, and trendless or transitioning when price is in the Kumo Cloud
When Senkou Span A (Leading Span A) is rising and above Senkou Span B (Leading Span B), this helps confirm the uptrend and space between the lines is typically colored green. When Senkou Span A is falling and below Senkou Span B, this helps confirm the downtrend. The space between the lines is typically colored red
Traders often use the Kumo Cloud as an area of support and resistance depending on the relative location of the price. The Kumo Cloud provides support/resistance levels that can be projected into the future. This sets the Ichimoku Cloud apart from many other technical indicators that only provide support and resistance levels for the current date and time
Crossovers, also known as TK Cross among Ichimoku Cloud traders, are another way the indicator can be used. Watch for the Tenkan-Sen Line, or Conversion Line, to move above the Kijun-Sen Line, or Base Line, especially when price is above the Kumo cloud. This can be a powerful buy signal. One option is to hold the trade until the Tenkan-Sen drops back below the Kijun-Sen Line. Any of the other lines could be used as exit points as well.
With this study:
Allow Traders to use the Ichimoku Cloud in conjunction with other technical indicators to maximize their risk-adjusted returns
The Ichimoku Cloud can make a chart look busy with all the lines. To Remedy this a different approach is applied in this study showing the Price and the Kumo Cloud relation as well as TK Crosses displayed. The SuperTrend Indicator is chosen to display Ichimoku Indicator, where the SuperTrend is another trend following indicator.
How it works:
SuperTrend Line is colored as:
Green when the Price is above the Kumo Cloud
Red when the Price is below the Kumo Cloud
Black when the Price is within the Kumo Cloud
And Finally Blue when the Kumo Cloud Is not ready to be drawn or not Kumo Cloud available
Additionally intensity of the colors used in all cases above are defined by values of Tenkan-Sen and Kijun-Sen Line, which allows us to detect TK Crosses
2- Plots Colored Directional Movement Line
Definition
Directional Movement (DMI) (created by J. Welles Wilder ) is actually a collection of three separate indicators combined into one. Directional Movement consists of the Average Directional Index (ADX) , Plus Directional Indicator (+D I) and Minus Directional Indicator (-D I) . ADX's purposes is to define whether or not there is a trend present. It does not take direction into account at all. The other two indicators (+DI and -DI) are used to compliment the ADX. They serve the purpose of determining trend direction. By combining all three, a technical analyst has a way of determining and measuring a trend's strength as well as its direction.
This study combines all three lines in a single colored shapes series plotted on the top of the price chart indicating the trend strength with different colors and its direction with triangle up and down shapes.
What to look for
Trend Strength : Analyzing trend strength is the most basic use for the DMI. Wilder believed that a DMI reading above 25 indicated a strong trend, while a reading below 20 indicated a weak or non-existent trend
Crosses : DI Crossovers are the significant trading signal generated by the DMI
With this study
A Strong Trend is assumed when ADX >= 25
Bullish Trend is defined as (+D I > -DI ) and (ADX >= 25), which is plotted as green triangle up shape on top of the price chart
Bearish Trend is defined as (+D I < -DI ) and (ADX >= 25), which is plotted as red triangle down shape on top of the price chart
Week Trend is assumed when 17< ADX < 25, which is plotted as black triangles up or down shape, depending on +DI-DI values, on top of the price chart
Non-Existent Trend is assumed when ADX < 17, which is plotted as yellow triangles up or down shape, depending on +DI-DI values, on top of the price chart
Additionally intensity of the colors used in all cases above are defined by comparing ADX’s current value with its previous value
3- Volume Based Colored Bars indicator created by Kıvaç ÖZBİLGİÇ
Volume Based Colored Bars colors the bars into volume weighted signals increasing the visibility of the Volume changes. Intensity of the colors of the bars varies according to average value of the volume for given length of bars (default value set to 30 bars)
Disclaimer: The script is for informational and educational purposes only. Use of the script does not constitutes professional and/or financial advice. You alone the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd tradingview user liable for any possible claim for damages arising from any decision you make based on use of the script
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FRAMA - Supertrend strategyFRAMA Strategy
I found this strategy on internet, in a well-known forex forum.
I have translated the two indicators mentioned in that strategy (originally in mq4) in pine script.
Thanks to Fractured and Shizaru for the FRAMA snippets, to mejialucas for Supertrend snippet, to JayRogers for trade management snippet and to Trost for backtesting snippet.
I also added some code to have FRAME with a deiiferent timeframe
Indicators set-up:
FRAMA period 24 (it was originally 25 but it's better to use an even number)
FRAMA timefarme lower then chart timeframe (e.g. daily chart and weekly FRAMA)
Supertrend indicator as it is.
Of course, it is better to adapt above setting to traded instrument.
Long/Buy rules:
1 - Enter at crossover between FRAMA and its signal
2 - Option to filter entries based on supertrend signal
3 - Exit when Supertrend change direction;
4 - Exit long when short signal occurs;
Short/Sell rules:
1 - Enter at crossunder between FRAMA and its signal
2 - Option to filter entries based on supertrend signal
3 - Exit when Supertrend change direction;
4 - Exit short when long signal occurs;
VERY IMPORTANT NOTE: this is a trend following strategy, so the target is to stay in the trade as much as possible (drawdown my be high). If your trading style is more focused on scalping and/or pullbaks, this strategy is not for you.
Credits to who developed this startegy (google it).
Thanks to all pinescripters mentined in the code for their snippets.
I have also a study with alerts.
Please use comment section for any feedback or contact me if you need support.
Best Supertrend CCI StrategyHello traders
Someone requested the strategy version of the Supertrend CCI indicator
It's a Supertrend not based on candle close but based on a CCI ( Commodity Channel Index )
How does it work?
Bull event: CCI crossing over the 0 line
Bear event: CCI crossing below the 0 line
When the event is triggered, the script will plot the Supertrend as follow
UP Trend = High + ATR * Factor
DOWN Trend = Low - ATR * Factor
This is an alternative of the classical Supertrend based on candle close being above/beyond the previous Supertrend level.
Hope you'll enjoy it and it will improve your trading making you a better trader
Dave
Trend-Following Combo-SuperTrend, EMA, Aroon, DMI, Laguerre RSIThis is a trend-following indicator which condenses two SuperTrend indicators -- one based on analysis over a shorter period of time (1.5, 7), and one based on analysis over a longer period of time (1.65, 100) -- into a single indicator which appears on your chart only when both the shorter- and longer-term analysis indicates a "SuperTrend" in the same direction.
Additionally, potential trade entry indicators are displayed in the form of up and down arrows when (by default) three of the following five indicators suggest that the market is trending in the same direction as both the shorter- and longer-term SuperTrend indicators:
EMA Crossover (8, 15)
Aroon Indicator (8)
Aroon Oscillator (8)
Directional Movement Index (DI +/-) (8)
Laguerre RSI (13)
You may update the parameters of any of the indicators to match your own preferences.
Additionally, you may also adjust the "Threshold" of indicators that must be in agreement with the SuperTrend to show a potential trade entry arrow. Bear in mind that if you set the Indicator Threshold too low, you will see more frequent trade entry arrows, many of which will not be profitable if taken. Similarly, set this value too high, and you will see fewer trade entry arrows that may not appear until after most of the "juice" in the trend has evaporated. Ideal values for the threshold seem to be between 2-4, depending on the symbol you are trading.
The following image shows all of the indicators referenced above on a 5-minute chart of the SPY during a single trading day:
And, here is the same period of time showing only the Trend-Following Combo indicator with default settings:
This indicator would not have been possible save for work contributed by the following:
SuperTrend by Rajandran R
Aroon w/ crossovers highlighted by seiglerj
Aroon Oscillator by jcrewolinsky
Directional Movement Index by TradingView
Laguerre RSI (Self Adjusting Alpha with Fractals Energy) by everget
Trendline Breaks with Multi Fibonacci Supertrend StrategyTMFS Strategy: Advanced Trendline Breakouts with Multi-Fibonacci Supertrend
Elevate your algorithmic trading with institutional-grade signal confluence
Strategy Genesis & Evolution
This advanced trading system represents the culmination of a personal research journey, evolving from my custom " Multi Fibonacci Supertrend with Signals " indicator into a comprehensive trading strategy. Built upon the exceptional trendline detection methodology pioneered by LuxAlgo in their " Trendlines with Breaks " indicator, I've engineered a systematic framework that integrates multiple technical factors into a cohesive trading system.
Core Fibonacci Principles
At the heart of this strategy lies the Fibonacci sequence application to volatility measurement:
// Fibonacci-based factors for multiple Supertrend calculations
factor1 = input.float(0.618, 'Factor 1 (Weak/Fibonacci)', minval = 0.01, step = 0.01)
factor2 = input.float(1.618, 'Factor 2 (Medium/Golden Ratio)', minval = 0.01, step = 0.01)
factor3 = input.float(2.618, 'Factor 3 (Strong/Extended Fib)', minval = 0.01, step = 0.01)
These precise Fibonacci ratios create a dynamic volatility envelope that adapts to changing market conditions while maintaining mathematical harmony with natural price movements.
Dynamic Trendline Detection
The strategy incorporates LuxAlgo's pioneering approach to trendline detection:
// Pivotal swing detection (inspired by LuxAlgo)
pivot_high = ta.pivothigh(swing_length, swing_length)
pivot_low = ta.pivotlow(swing_length, swing_length)
// Dynamic slope calculation using ATR
slope = atr_value / swing_length * atr_multiplier
// Update trendlines based on pivot detection
if bool(pivot_high)
upper_slope := slope
upper_trendline := pivot_high
else
upper_trendline := nz(upper_trendline) - nz(upper_slope)
This adaptive trendline approach automatically identifies key structural market boundaries, adjusting in real-time to evolving chart patterns.
Breakout State Management
The strategy implements sophisticated state tracking for breakout detection:
// Track breakouts with state variables
var int upper_breakout_state = 0
var int lower_breakout_state = 0
// Update breakout state when price crosses trendlines
upper_breakout_state := bool(pivot_high) ? 0 : close > upper_trendline ? 1 : upper_breakout_state
lower_breakout_state := bool(pivot_low) ? 0 : close < lower_trendline ? 1 : lower_breakout_state
// Detect new breakouts (state transitions)
bool new_upper_breakout = upper_breakout_state > upper_breakout_state
bool new_lower_breakout = lower_breakout_state > lower_breakout_state
This state-based approach enables precise identification of the exact moment when price breaks through a significant trendline.
Multi-Factor Signal Confluence
Entry signals require confirmation from multiple technical factors:
// Define entry conditions with multi-factor confluence
long_entry_condition = enable_long_positions and
upper_breakout_state > upper_breakout_state and // New trendline breakout
di_plus > di_minus and // Bullish DMI confirmation
close > smoothed_trend // Price above Supertrend envelope
// Execute trades only with full confirmation
if long_entry_condition
strategy.entry('L', strategy.long, comment = "LONG")
This strict requirement for confluence significantly reduces false signals and improves the quality of trade entries.
Advanced Risk Management
The strategy includes sophisticated risk controls with multiple methodologies:
// Calculate stop loss based on selected method
get_long_stop_loss_price(base_price) =>
switch stop_loss_method
'PERC' => base_price * (1 - long_stop_loss_percent)
'ATR' => base_price - long_stop_loss_atr_multiplier * entry_atr
'RR' => base_price - (get_long_take_profit_price() - base_price) / long_risk_reward_ratio
=> na
// Implement trailing functionality
strategy.exit(
id = 'Long Take Profit / Stop Loss',
from_entry = 'L',
qty_percent = take_profit_quantity_percent,
limit = trailing_take_profit_enabled ? na : long_take_profit_price,
stop = long_stop_loss_price,
trail_price = trailing_take_profit_enabled ? long_take_profit_price : na,
trail_offset = trailing_take_profit_enabled ? long_trailing_tp_step_ticks : na,
comment = "TP/SL Triggered"
)
This flexible approach adapts to varying market conditions while providing comprehensive downside protection.
Performance Characteristics
Rigorous backtesting demonstrates exceptional capital appreciation potential with impressive risk-adjusted metrics:
Remarkable total return profile (1,517%+)
Strong Sortino ratio (3.691) indicating superior downside risk control
Profit factor of 1.924 across all trades (2.153 for long positions)
Win rate exceeding 35% with balanced distribution across varied market conditions
Institutional Considerations
The strategy architecture addresses execution complexities faced by institutional participants with temporal filtering and date-range capabilities:
// Time Filter settings with flexible timezone support
import jason5480/time_filters/5 as time_filter
src_timezone = input.string(defval = 'Exchange', title = 'Source Timezone')
dst_timezone = input.string(defval = 'Exchange', title = 'Destination Timezone')
// Date range filtering for precise execution windows
use_from_date = input.bool(defval = true, title = 'Enable Start Date')
from_date = input.time(defval = timestamp('01 Jan 2022 00:00'), title = 'Start Date')
// Validate trading permission based on temporal constraints
date_filter_approved = time_filter.is_in_date_range(
use_from_date, from_date, use_to_date, to_date, src_timezone, dst_timezone
)
These capabilities enable precise execution timing and market session optimization critical for larger market participants.
Acknowledgments
Special thanks to LuxAlgo for the pioneering work on trendline detection and breakout identification that inspired elements of this strategy. Their innovative approach to technical analysis provided a valuable foundation upon which I could build my Fibonacci-based methodology.
This strategy is shared under the same Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0) license as LuxAlgo's original work.
Past performance is not indicative of future results. Conduct thorough analysis before implementing any algorithmic strategy.
Pivot Point+ Supertrend + EMA + Support/Resistance- LAXMANTAK98
Pivot Point Supertrend with EMA and Support/Resistance Indicator
This custom trading indicator combines the following key components to assist in market analysis and trade decision-making:
Pivot Points:
Pivot points are calculated based on a chosen price source (High, Low, Open, or Close). These levels are used to determine potential support and resistance zones.
Pivot Highs (Resistance) and Pivot Lows (Support) are plotted as labels on the chart for easy identification.
Supertrend Indicator:
The Supertrend is a trend-following indicator that helps to identify bullish or bearish trends.
It uses the Average True Range (ATR) to calculate dynamic support/resistance levels, with adjustable settings for ATR length and multiplier factor.
The trend direction is visually represented by green (bullish) and red (bearish) lines on the chart.
Exponential Moving Averages (EMA):
The indicator plots up to four EMAs with user-defined periods (e.g., 9, 21, 50, 200).
EMAs are commonly used to smooth out price data and identify trends over various timeframes.
Support and Resistance Levels:
Based on Pivot Points, support and resistance levels are plotted using crosses on the chart.
These levels indicate possible price reversal points, helping traders spot key zones for entry and exit.
Visual Alerts:
The indicator includes built-in alerts for trend changes and potential buy/sell signals based on the transition between uptrend and downtrend states.
This combined indicator allows traders to analyze trends, identify key levels for trading, and make more informed decisions by integrating Pivot Points, Supertrend, EMAs, and Support/Resistance in one cohesive system.
Double Supertrend Entry with ADX Filter and ATR Exits/EntriesThe Double Supertrend Entry with ADX Filter and ATR Exits/Entries indicator is a custom trading strategy designed to help traders identify potential buy and sell signals in trending markets. This indicator combines the strengths of multiple technical analysis tools, enhancing the effectiveness of the overall strategy.
Key features:
Two Supertrend Indicators - The indicator includes two Supertrend indicators with customizable parameters. These trend-following indicators calculate upper and lower trendlines based on the ATR and price. Buy signals are generated when the price crosses above both trendlines, and sell signals are generated when the price crosses below both trendlines.
ADX Filter - The Average Directional Index (ADX) is used to filter out weak trends and only generate buy/sell signals when the market exhibits a strong trend. The ADX measures the strength of the trend, and a customizable threshold level ensures that trades are only entered during strong trends.
ATR-based Exits and Entries - The indicator uses the Average True Range (ATR) to set profit target and stop-loss levels. ATR is a measure of market volatility, and these levels help traders determine when to exit a trade to secure profit or minimize loss.
Performance Statistics Table - A table is displayed on the chart, recording and showing the total number of winning trades, losing trades, percentage of profitable trades, average profit, and average loss. This information helps traders evaluate the performance of the strategy over time.
The Double Supertrend Entry with ADX Filter and ATR Exits/Entries indicator is a powerful trend-following strategy that can assist traders in making more informed decisions in the financial markets. By combining multiple technical analysis tools and providing performance statistics, this indicator helps traders improve their trading strategy and evaluate its success.
High/Low SupertrendThe High/Low supertrend uses an ATR produced from the highest and lowest points within the ATR lookback range, instead of from current highs and lows. This makes it less susceptible to false breakout attempts.
In the settings, you can choose whether you want the supertrend to calculate from the highest highs and lowest lows within the period, or the maxima of the opens and closes.
USAGE: I recommend using this supertrend as the arming mechanism to the buy or sell, instead of the trigger itself. This is because in ranging markets the supertrend will flip on the current high or current low.
[JL] Supertrend Zone Pivot Point with zigzag fibThis is an open-source Pine script that generates a Supertrend Zone Pivot Point with Zigzag Fib indicator for TradingView. The indicator displays the Supertrend Zone, pivot points, and Fibonacci levels on the chart.
One of the unique features of this indicator is that it uses a Zigzag that does not repaint, ensuring accurate high and low points for the pivot points.
Another feature is that when the Supertrend is in an uptrend, only the highest points are taken as pivot points, and when it's in a downtrend, only the lowest points are taken as pivot points.
The Fibonacci levels are calculated based on the previous high and low pivot points, with labels displaying the corresponding levels on the chart.
The indicator also includes options to show/hide the Zigzag and Fibonacci levels.
Overall, this indicator is useful for identifying key pivot points and Fibonacci levels in the Supertrend Zone, providing valuable information for traders to make informed decisions.
Fibonacci Levels Based on Supertrend [By MUQWISHI]A “ Fibonacci Levels Based on Supertrend ” indicator is supertrend indicator planned with Fibonacci retracements levels. Fibonacci retracements provides a sequence of levels starting from 0% to 100% in addition to extension levels. 0% is measured to be the initial Supertrend line, and 100% is the previous Supertrend line where it has been broken by candle. This tool could be valuable in terms of managing trades by setting targets and reducing the risk in the trend direction.
█ OVERVIEW
█ INDICATOR SETTINGS
Please let me know if you have any questions.
Thank you.
CCI SupertrendCCI Supertrend
+ This simple scripts base on CCI level to plot "Supertrend".
+ When CCI move above level 0, SuperTrend lowerBand is plotted.
+ When CCI move below level 0, SuperTrend upperBand is plotted.
Pivot Point SupertrendHello All,
There are many types of SuperTrend around. Recently I thought about a Supertrend based on Pivot Points then I wrote "Pivot Point SuperTrend" script. It looks it has better performance on keeping you in the trend more.
The idea is behind this script is finding pivot point, calculating average of them and like in supertrend creating higher/lower bands by ATR. As you can see in the algorithm the script gives weigth to past pivot points, this is done for smoothing it a bit.
As I wrote above it may keep you in the trend more, lets see an example:
As an option the script can show main center line and I realized that when you are in a position, this line can be used as early exit points. (maybe half of the position size)
While using Pivot Points, I added support resistance lines by using Pivot Point, as an option the script can show S/R lines:
And also it can show Pivot Points:
When you changed Pivot Point Period you can see its reaction, in following example PP period is 4 (default value is 2). Smaller PP periods more sensitive trendlines.
Alerts added for Buy/Sell entries and Trend Reversals. (when you set alerts use the option " Once Per Bar Close ")
ENJOY!
BEST Supertrend MAHello traders,
That one is an experiment
I was curious to see what a supertrend based on moving average cross could give
How does it work?
Bull event: fast moving average crossing over the slow moving average
Bear event: fast moving average crossing under the slow moving average
When the event is triggered, the script will plot the Supertrend as follow
UP Trend = ohlc4+ ATR * Factor
DOWN Trend = ohlc4- ATR * Factor
Interesting to see the results given by ohlc4 vs hl2 and hl3
Documentation: www.tradingview.com
This is an alternative of the classical Supertrend based on candle close being above/beyond the previous Supertrend level.
Hope you'll enjoy it and it will improve your trading making you a better trader
Dave
BEST Supertrend CCIHello traders
Today I present you a Supertrend not based on candle close but based on a CCI (Commodity Channel Index)
How does it work?
Bull event: CCI crossing over the 0 line
Bear event: CCI crossing below the 0 line
When the event is triggered, the script will plot the Supertrend as follow
UP Trend = High + ATR * Factor
DOWN Trend = Low - ATR * Factor
This is an alternative of the classical Supertrend based on candle close being above/beyond the previous Supertrend level.
Hope you'll enjoy it and it will improve your trading making you a better trader
Dave
BEST Multicolor Supertrend InfoPanelHello traders
Today is a Pinescript hack to display multiple colors in one label.
I used that panel to show the Supertrend Long Term values (weekly, monthly, quarterly, yearly)
What is a Supertrend?
Definition : SuperTrend is an indicator that works on all timeframes and all instruments (stocks, futures, forex, ...). It is a great tool to follow market trends and optimizes your profits.
SuperTrend evolves below or above the prices depending on the trend. You can use it as an exit position indicator when its direction changes. You can also use it to place your stops.
So.... the hack is?
The hack is about creating a new label for each line - versus creating just one label containing the whole text
Best regards,
Dave
Centerline SupertrendA centerline/non-chart indicator version of Everget's Supertrend script for use in NNFX-style indicator setups, with the emphasis on this indicator NOT adding visual clutter to the main charting area with a baseline indicator already present.
This is literally the EXACT same script as Everget's Supertrend, but not drawn on the chart and with the fill/stop and fill/state level removed.
Adjust to your timeframe/asset and backtest/forward-test accordingly.
Source script by Everget (Supertrend):
Double SuperTrend [CrossTrade]The Double SuperTrend indicator enhances the classic SuperTrend indicator's functionality by filtering out countertrend signals and keeping you out of chop. By adding another larger trend filter, it helps to keep you taking trades in the direction of the major trend. This dual analysis allows users to identify and trade in the direction of the major trend, thereby increasing the likelihood of successful trades.
Adjustable Parameters for Minor and Major Trends:
Users can customize both the major and minor trends according to their trading strategy. This includes adjusting the ATR (Average True Range) period and the ATR multiplier for each trend.
For the minor trend, the default ATR period is set at 10, and the multiplier at 3.0.
For the major trend, the ATR period defaults to 14, with a multiplier of 6.0.
These settings allow traders to tailor the sensitivity of the trends to their specific market view or strategy.
Source Selection:
Users can select the data source (such as high/low, open/close) that the SuperTrend calculations are based on, offering further customization.
Signal Visualization and Customization:
It plots the major and minor trend lines, with options to display buy/sell signals. These signals are only shown when they align with the major trend, reducing the likelihood of false signals.
The minor trend signals are displayed in green (for uptrends) and red (for downtrends), while the major trend lines are shown in blue (for uptrends) and purple (for downtrends).
Additionally, users can choose to display or hide these buy/sell signals.
Custom Alerts:
The indicator includes the functionality to set custom alerts for buy and sell signals. These alerts are specifically designed to notify users when a signal aligns with the confirmed major trend.
Elastic Buy-Sell Volume Wighted SupertrendCredits: This uses Trading View's buy and sell volume script and the Super trend script.
Elastic Buy-Sell Volume Wighted Supertrend can be used like a traditional supertrend indicator however we do not have to arbitrarily choose a multiplier depending on the stock and time frame the code dynamically adjust the multiplier and this is described below.
The buy and sell ATR (Average True Range) play a crucial role in determining the levels for potential buy and sell signals in the market. These ATR values are calculated based on volume-weighted averages, providing insights into the strength of buying and selling pressures. By incorporating volume into the ATR calculation, the indicator can better adapt to market dynamics, as volume often reflects the intensity of price movements. Instead of using Volume as whole this uses up and down volume derived from lower time frames which is used to calculate buy and sell ATR.
The multiplier is a key factor in the Supertrend calculation, which adjusts the width of the trend bands. The multiplier in this indicator dynamically adjusts itself based on two key components: the ratio of the asset's Average True Range (ATR) to that of a broader market benchmark and the coefficient of variation (CV) of the True Range (TR). The ratio comparison provides a historical context of the asset's volatility relative to the wider market over a longer time frame, while the CV accounts for short-term fluctuations in volatility.
By comparing the asset's ATR to that of the benchmark, traders gain insights into the asset's historical volatility behavior. A higher multiplier suggests that the asset's volatility has historically exceeded that of the benchmark, indicating potentially larger price movements compared to the broader market. Conversely, a lower multiplier suggests the opposite.
The CV component measures short-term variability in the asset's volatility, ensuring that the multiplier adapts to both long-term trends and short-term fluctuations. This combined approach enables traders to make informed decisions, considering both historical volatility relative to the broader market and short-term variability. Ultimately, the dynamic multiplier enhances traders' ability to adjust their strategies effectively across various market conditions.
Overall, the use of buy and sell ATR, along with a dynamically adjusted multiplier, enhances the indicator's ability to identify trend directions and to use a dynamic stop loss level.
Rainbow Fibonacci Momentum - SuperTrend🌈 "Rainbow Fibonacci Momentum - SuperTrend" Indicator 🌈
IMPORTANT: as this is a complex and elaborate TREND ANALYSIS on the graph, ALL INDICATORS REPAINT.
Experience the brilliance of "Rainbow Fibonacci Momentum - SuperTrend" for your technical analysis on TradingView! This versatile indicator allows you to visualize various types of Moving Averages, including Simple Moving Averages (SMA), Exponential Moving Averages (EMA), Weighted Moving Averages (WMA), Hull Moving Averages (HMA), and Volume Weighted Moving Averages (VWMA).
Each MA displayed in a unique color to create a stunning rainbow effect. This makes it easier for you to identify trends and potential trading opportunities.
Key Features:
📊 Multiple Moving Average Types - Choose from a range of moving average types to suit your analysis.
🎨 Stunning Color Gradient - Each moving average type is displayed in a unique color, creating a beautiful rainbow effect.
📉 Overlay Compatible - Use it as an overlay on your price chart for clear trend insights.
With the "Rainbow Fibonacci Momentum - SuperTrend" indicator, you'll add a burst of color to your trading routine and gain a deeper understanding of market trends.
HOW IT WORKS
MA Lines:
MA - 5: purple lines
MA - 8: blue lines
MA - 13: green lines
MA - 21: yellow lines
MA - 34: orange lines
MA - 55: red line
Header Color Indicators:
Purple: MA-5 is in uptrend on the chart
Blue: MA-5 and MA-8 are in the uptrend on the chart
Green: MA-5, MA-8 and MA-13 are in the uptrend on the chart
Yellow: MA-5, MA-8, MA-13 and MA-21 are in the uptrend on the chart
Orange: MA-5, MA-8, MA-13, MA-21 and MA-34 are in the uptrend on the chart
Red: MA-5, MA-8, MA-13, MA-21, MA-34 and MA-55 are in the uptrend on the chart
Red + White Arrow: All MAs are correctly aligned in the uptrend on the chart
Footer Color Indicators:
Purple: MA-5 is in downtrend on the chart
Blue: MA-5 and MA-8 are in the downtrend on the chart
Green: MA-5, MA-8 and MA-13 are in the downtrend on the chart
Yellow: MA-5, MA-8, MA-13 and MA-21 are in the downtrend on the chart
Orange: MA-5, MA-8, MA-13, MA-21 and MA-34 are in the downtrend on the chart
Red: MA-5, MA-8, MA-13, MA-21, MA-34 and MA-55 are in the downtrend on the chart
Red + White Arrow: All MAs are correctly aligned in the downtrend on the chart
Background Colors:
Light Red: All MAs are on the rise!
Red: All MAs are align correctly on the rise!
Light Green: All MAs are in freefall!
Green: All MAs are align correctly in freefall!
Tiny Arrows Indicators/Alerts:
Down Arrow: All MAs are in freefall!
Up Arrow: All MAs are on the rise!
Big Arrows Indicators/Alerts:
Down Arrow: All MAs are align correctly in freefall!
Up Arrow: All MAs are align correctly on the rise!
Harmonic Patterns Based SupertrendExtending the earlier implemented concept of Harmonic-Patterns-Based-Trend-Follower , in this script, lets make it work as supertrend so that it is more easier to operate.
🎲 Process
🎯 Derive Zigzag and scan harmonic patterns for last 5 confirmed pivots
🎯 If a pattern is found, bullish and bearish zones are calculated based on parameter Base
🎯 These bullish and bearish zones act as supertrend based on current trade in progress.
🎯 When in bullish mode, bearish zone will only go up irrespective of new pattern forming new low. Similarly when in bearish mode, bullish zones will only come down - this is done to imitate the standard supertrend behaviour.
🎲 Note
Patterns are not created on latest pivot as last pivot will be unconfirmed and moving. Due to this, patterns appear after certain delay - patterns will not be real time. But, this is expected and does not impact the overall process.
Here are few chart captures to demonstrate how it works.
🎲 Settings
Settings are explained in the screenshot below.
6 Multi-Timeframe Supertrend with Heikin Ashi as Source
This is a multiple multi-timeframe version of famous supertrernd only with Heikin Ashi as source. Atr which stands in the heart of supertrend is calculated based on heikin-ashi bars which omits a great deal of noises.
with 6 multiplication of the supertrend, its simply much easier to spot trend direction or use it as trailing stop with several levels available.
this is a great tool to assess and manage your risk and calculate your position volume if you use the heikin ashi supertrend as your stoploss.
Strategy Myth-Busting #3 - BB_BUY+SuperTrend - [MYN]This is part of a new series we are calling "Strategy Myth-Busting" where we take open public manual trading strategies and automate them. The goal is to not only validate the authenticity of the claims but to provide an automated version for traders who wish to trade autonomously.
Our third one we are automating is one of the strategies from "The Best 3 Buy And Sell Indicators on Tradingview + Confirmation Indicators ( The Golden Ones ))" from "Online Trading Signals (Scalping Channel)". No formal backtesting was done by them so wanted to validate their claims.
If you know of or have a strategy you want to see myth-busted or just have an idea for one, please feel free to message me.
This strategy uses a combination of 2 open-source public indicators:
BB_Buy and Sell by guikroth (default settings)
SuperTrend from TradingView's Technicals (default settings)
Trading Rules
15 min candles
Long
Long condition when BB_BUY indicates buy signal and SuperTrend is green
Short
Short condition when BB_BUY indicates Sell signal and SuperTrend is red
SuperJump HTF SuperTrend for ScalpingThis script can help you perform scalping using SuperTrend
First, set the HTF value higher than your current time frame.
As you know, the accuracy of the supertrend is very poor on the lower timeframe.
So I used higher timeframe(15 mins) supertrend more than current chart(5 mins)
