Supertrend Buy or Sell Signal oringan v0.3

The Supertrend Buy or Sell Signal oringan v0.3 indicator is a trend-following tool designed to identify potential market reversals and entry points by combining volatility-based bands with high/low price extremes.

Usage

The indicator is primarily used to identify the current trend direction and potential entry/exit signals. When the price crosses above the trailing stop line (TSL), a bullish trend is identified, marked by a green line and upward-pointing triangles/arrows. Conversely, when the price crosses below the TSL, a bearish trend is signaled with a red line and downward-pointing triangles/arrows.

Users can optimize the script for different timeframes:

• 4-Hour Chart: The recommended settings for high-timeframe trading are a Factor of 4 and a Period of 13.
• Lower Timeframes (e.g., 30m): Settings such as a Factor of 7 and a Period of 7 may be more appropriate for capturing intraday volatility.

Details

This script is an evolution of the classic SuperTrend concept, originally popularized by developers like LazyBear. It differs from standard versions by incorporating smoothed high and low price channels into the calculation of the stop-loss levels. Specifically, it uses a combination of Simple Moving Averages (SMA) and the highest high/lowest low over a multi-period lookback to define the 'myh' (my high) and 'myl' (my low) values. These values, combined with the Average True Range (ATR), create a trailing stop that is more reactive to recent price extremes than a standard ATR-only band.

Settings

• Factor (height): Adjusts the multiplier for the ATR, determining how far the trailing stop is placed from the price. (Recommended: 4 for 4h, 7 for 30m).
• Period (length): The lookback period used for ATR and base price calculations. (Recommended: 13 for 4h, 7 for 30m).
• RedLine (highPd): A multiplier applied to the period to determine the lookback for the upper price extreme calculation.
• GreenLine (lowPd): A multiplier applied to the period to determine the lookback for the lower price extreme calculation.

FAQ

How do I use the Supertrend Buy or Sell Signal oringan v0.3?

You can use it to identify trend direction. A green line indicates a bullish trend, while a red line indicates a bearish trend. Entry signals are generated when the price crosses these levels.

What timeframes are best for this indicator?

While it can be used on any timeframe, it is optimized for the 4-hour chart for swing trading or the 30-minute chart for more frequent signals.

Where can I access this script?

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