Supreme BUY/SELL Signal Indicator

The Supreme Buy/Sell Signal Indicator tool is a structured price-action breakout system designed to detect strong consecutive momentum moves by focusing on clean candle structure and confirmation. It identifies potential continuation strength after specific candle sequences, followed by a confirmed breakout beyond the previous candle’s extreme, ensuring rule-based and non-repainting signals for intraday traders.

Usage

The indicator can be used to identify intraday breakout and momentum continuation setups. It is particularly effective in trending environments where price structure remains consistent.

• Bullish Signals: Occur when two consecutive bullish candles form and the current candle closes above the previous candle’s high.
• Bearish Signals: Occur when two consecutive bearish candles form and the current candle closes below the previous candle’s low.
• Single Signal Mode: When "Single Signal Until Opposite Forms" is enabled, the indicator filters out repetitive entries in the same direction, providing one clean setup per trend move.
• Structural Resets: The "Require Body Breakout to Unlock" feature ensures that once a signal is generated, the same direction is locked until price proves invalidation by closing beyond the extreme of the signal candle.

Details

Unlike oscillators that rely on lagging calculations, this script uses raw price action and candle close confirmation. It incorporates a session-based reset mechanism, meaning all internal states, signal locks, and stop loss tracking are cleared at the start of a new trading day. This prevents carryover bias from previous sessions and ensures the logic remains focused on current intraday volatility.

Settings

• Display Options: Toggle Buy/Sell labels and customize candle bar colors for visual emphasis.
• Signal Logic Type: Choose between different breakout styles including Consecutive Breakout, Opposite Breakout, or Dynamic modes that adapt based on the first signal of the day.
• Logic Modes: Includes toggles for Single Signal mode and Body Breakout unlock requirements to reduce signal clustering.
• Stop Loss Options:
  • Draw Stop Loss Line: Enables a dynamic line that extends until price closes beyond it.
  • Stop Loss Placement: Choose between a tight placement on the signal candle or a safer placement using the high/low of the entire combination pattern.
  • Visuals: Customize the color, style (Solid, Dashed, Dotted), and width of the SL line.

FAQ

How do I use the Stop Loss line?

Enable the "Draw Stop Loss Line" in settings. It will automatically project a line from the signal candle's extreme. If a candle closes across this line, it indicates the setup is invalidated and the line will stop extending.

Does this indicator repaint?

No, the indicator only generates signals and logic updates after a candle has closed, ensuring that historical signals remain fixed on the chart.

How can I access the Supreme Buy/Sell Signal Indicator?

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