Whale Supertrend (V1.2)

The Whale Supertrend (V1.2) indicator is an advanced trend-following tool that utilizes the confluence of six independent Supertrend calculations to identify high-probability market entries and exits. By combining multiple price and volatility measurements, the script helps traders filter noise and confirm trend direction through a visual consensus of several factors.

Usage

The indicator can be used to identify trend shifts and momentum through signal labels and candle coloring. A buy or sell signal is generated when a specific number of Supertrends (defined by the "Super Trend Count" setting) align in the same direction.

• Buy Signals: Occur when the required number of Supertrends turn bullish. These are marked by an upward label below the bar and green candle coloring.
• Sell Signals: Occur when the required number of Supertrends turn bearish. These are marked by a downward label above the bar and red candle coloring.
• Trend Confirmation: The multiple plotted lines on the chart provide a visual "web" of support or resistance. When price is trading above most lines, the trend is considered strongly bullish, and vice-versa.

Details

The script calculates six separate Supertrend instances. Each instance uses a standard Average True Range (ATR) calculation but applies unique multipliers (Factors) to adjust sensitivity. The default factors are tiered (3, 4, 6, 9, 13, and 18) to capture trend movements across various volatility scales.

The logic uses a counter system:

1. Bullish Count: Increments for every Supertrend currently in an uptrend.
2. Bearish Count: Increments for every Supertrend currently in a downtrend.
3. Trigger: A signal is only plotted when the count reaches the threshold set by the user, ensuring that a single volatile move on one timeframe doesn't necessarily trigger a false entry.

Settings

• Super Trend Count: Determines how many of the six Supertrends must agree to trigger a buy or sell signal.
• Supertrend 1-6 Groups:
  • ATR Period: Sets the lookback period for the ATR calculation used for that specific Supertrend.
  • Factor: Sets the multiplier that determines the distance of the Supertrend line from the price.

FAQ

How do I use this for different timeframes? You can adjust the ATR Periods and Factors in the settings. Shorter periods and smaller factors are generally better for scalping, while larger values help filter noise on daily or weekly charts.

Can I change the sensitivity of the signals? Yes, by increasing the "Super Trend Count," you require more confluence, leading to fewer but potentially more reliable signals. Decreasing it will make the indicator more responsive.

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