Multiple SuperTrends

The Multiple SuperTrends indicator provides a multi-layered perspective on market trends by plotting 15 SuperTrend lines with varying Average True Range (ATR) multiples. This tool helps traders visualize trend strength, identify potential price ranges, and filter out false signals through a comprehensive trend ribbon.

Usage

The tool can be used to identify trend exhaustion or volatility-based support and resistance zones. When price is trading within or beyond the outer layers of the 15 SuperTrends, it may indicate a strong trend or an overextended move prone to reversal.

Traders can utilize the "Spacing" setting to expand or contract the ribbon. Setting this to 0 aligns all lines into a single standard SuperTrend, while higher values create a broader visual field that can act as a filter for "fake" signals or market noise.

Details

The indicator is constructed by calculating a base SuperTrend using a user-defined ATR period and multiplier. It then generates 14 additional SuperTrend iterations, each incrementing the multiplier based on the specified spacing value. This mathematical expansion creates a gradient of trend lines that react at different sensitivities to price action.

The script includes optimized alert conditions for both the innermost (first) and outermost (last) SuperTrend lines, allowing for notification upon initial trend shifts or deep volatility breakouts.

Settings

• ATR Multiplier: Sets the starting multiplier for the first SuperTrend line.
• ATR Period: Defines the lookback period used for the ATR calculation.
• Spacing: Controls the distance between each of the 15 SuperTrend lines.
• Color For Uptrend: Sets the color and transparency for lines when in a bullish state.
• Color For Downtrend: Sets the color and transparency for lines when in a bearish state.
• Linewidth (1-4): Adjusts the thickness of the plotted lines.

FAQ

How can I use the different layers for exits?

The outer layers of the Multiple SuperTrends can be used as trailing stop-loss levels or to identify areas where price is likely to find significant volatility-based resistance.

What does the Spacing setting do?

The Spacing setting determines how far apart each ATR multiple is from the previous one; a higher spacing creates a wider "cloud" or ribbon effect.

How can I access this tool?

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