Multi SuperTrend

The Multi SuperTrend indicator provides a comprehensive trend visualization by overlaying 15 distinct SuperTrend lines with incremental multipliers to identify trend strength and potential entry points.

Usage

The Multi SuperTrend tool is used to gauge the conviction of a trend based on the alignment of multiple volatility-based bands. Traders can interpret the ribbon of lines as follows:

• Strong Uptrend: When all SuperTrend lines are green and positioned below the price, it indicates a high-conviction bullish phase.
• Strong Downtrend: When all SuperTrend lines are red and positioned above the price, it indicates a high-conviction bearish phase.
• Mixed/Neutral: If some lines are green and others are red, the market is likely in a consolidation phase or a trend transition. In these scenarios, it is recommended to wait for full alignment or use secondary oscillators for confirmation.

Details

The script calculates 15 individual SuperTrend iterations. Starting from a base ATR Multiplier, each subsequent line uses an incrementally larger multiplier based on the user-defined Spacing setting. This create a "ribbon" effect that represents trend depth. The script also includes automated Buy and Sell labels triggered when the outer-most SuperTrend line (the 15th line) flips its direction, signifying a major trend shift.

Settings

• ATR Multiplier: The base multiplier used for the first SuperTrend calculation.
• ATR Period: The lookback period used for calculating the Average True Range.
• Spacing: Determines the incremental increase in the multiplier for each of the 15 lines.
• Color For Uptrend: Sets the color of the lines when the trend is bullish.
• Color For Downtrend: Sets the color of the lines when the trend is bearish.
• Linewidth (1-4): Adjusts the visual thickness of the plotted SuperTrend lines.

FAQ

How do I interpret the buy and sell labels?

The labels appear when the 15th (slowest) SuperTrend line changes direction, suggesting a significant shift in market trend.

Can I use this on any timeframe?

Yes, the Multi SuperTrend adapts to any timeframe, though higher timeframes typically yield more reliable trend signals.

How can I access the Multi SuperTrend?

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