SupertrendIndicator

The SupertrendIndicator tool provides intraday trend signals by monitoring the relationship between two specific Supertrend configurations to identify potential market reversals.

Usage

The indicator can be used to identify trend shifts in intraday trading environments. It plots specific characters on the chart when the two Supertrend lines cross, signaling a change in market momentum. A bullish signal is generated when the faster Supertrend crosses above the slower one, while a bearish signal occurs when the slower Supertrend crosses above the faster one.

Details

The script utilizes two distinct Supertrend calculations:

• A Supertrend with a factor of 2.5 and a period of 13.
• A Supertrend with a factor of 3 and a period of 18.

By comparing these two trend-following lines, the indicator highlights "cross" events. These crossovers are designed to filter out minor price fluctuations and focus on more significant trend developments suitable for intraday timeframes.

Settings

As this specific implementation uses hardcoded values optimized for intraday performance, there are no external input settings. The calculations are based on:

• Supertrend 1: Factor 2.5, Period 13.
• Supertrend 2: Factor 3.0, Period 18.

FAQ

How do I use the signals?

The indicator plots a "†" symbol for bullish crosses and a "‡" symbol for bearish crosses. These can be used as confluence for entering or exiting intraday positions.

Is this indicator suitable for all timeframes?

While designed with intraday settings (13, 2.5 and 18, 3), it can be applied to any timeframe to observe trend crossovers, though its effectiveness may vary.

How can I access this script?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.