Supertrend ++

The Supertrend ++ indicator provides a multi-timeframe approach to the classic Supertrend algorithm, incorporating an optional volume filter to enhance signal reliability. By tracking up to three distinct higher timeframes simultaneously, it allows traders to identify trends across different market horizons and execute entries based on synchronized trend direction.

Usage

The Usage section describes how the script can be used to identify potential market entries. When the trend switches to bullish on a selected timeframe, a green "Buy" label is plotted below the bar. Conversely, a red "Sell" label appears above the bar when a bearish trend is detected.

Traders can use this tool to:

• Multi-Timeframe Analysis: Monitor trends on 15m, Daily, and Weekly timeframes (or custom choices) on a single chart.
• Signal Filtering: Enable the "Volume Analyzer" to ensure trend changes are backed by significant volume activity, potentially reducing false breakouts.
• Alerting: Set up notifications for specific timeframes or a universal "Any Signal" alert to stay informed of market shifts without constantly monitoring the screen.

Details

This script utilizes the ta.supertrend function across multiple timeframes using a non-repainting calculation method. It calculates the baseline and direction for each chosen timeframe and projects them onto the current chart. The volume filter is implemented using a combination of RSI and RMA (Running Moving Average) of volume, ensuring that signals are only highlighted when the "Volume Factor" threshold is met.

Settings

• HigherTimeFrame (1, 2, 3): Determines the timeframes used for the Supertrend calculations.
• HigherTimeFrame 2/3?: Toggles the visibility and calculation of the second and third timeframes.
• Supertrend Period (1, 2, 3): Sets the ATR length for the Supertrend calculation for each timeframe.
• Multiplier (1, 2, 3): Adjusts the sensitivity of the Supertrend. Higher values result in fewer, more significant trend signals.
• Volume Analyzer?: Enables the volume-based filter for all signals.
• Volume Factor: The threshold for the volume filter. Signals only trigger if the internal volume calculation exceeds this value.

FAQ

How do I access Supertrend ++?

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

Does this indicator repaint?

No, the script is designed to be non-repainting. However, for real-time alerts, it is recommended to use the "Once per bar" setting to ensure timely notification.

Can I change the sensitivity of the trend detection?

Yes, you can adjust the "Multiplier" and "Supertrend Period" settings for each of the three timeframes to make the indicator more or less responsive to price action.