Supertrend MTF Heatmap V2

The Supertrend MTF Heatmap V2 indicator provides a multi-timeframe perspective on trend direction by tracking five user-defined timeframes simultaneously in a visual heatmap format. This tool allows traders to quickly identify trend alignment or divergence across different degrees of market structure, facilitating better-informed decision-making based on Supertrend consistency.

Usage

The Usage section describes how the script can be used to visualize trend confluence across multiple resolutions.

• Trend Identification: Green cells indicate a bullish Supertrend on that specific timeframe, while red cells indicate a bearish Supertrend.
• Trend Confluence: When all rows align in the same color, it suggests a strong trend agreement across all selected timeframes, which can be used to confirm entries or stay in a trade.
• Divergence Spotting: If lower timeframes (top rows) change color while higher timeframes (bottom rows) remain stable, it may indicate a potential short-term pullback or the early stages of a trend reversal.
• Customization: Users can modify the Supertrend parameters (Factor and Period) to suit different assets, such as stocks, forex, or crypto.

Details

The indicator calculates the standard Supertrend formula using the Average True Range (ATR) and a multiplier factor. It then utilizes the request.security function to fetch trend data from five distinct timeframes. Unlike the original version, this script allows for fully customizable timeframe inputs, enabling users to tailor the heatmap to their specific trading style (e.g., scalping vs. swing trading). The visual output is rendered in a separate pane to keep the main price chart clean.

Settings

• Factor: The multiplier used to calculate the Supertrend bands. Higher values make the trend more stable but slower to react.
• PD (Period): The ATR period used for volatility calculation.
• First to Fifth Timeframe: Dropdown menus allowing users to select the five timeframes to be monitored by the heatmap.

FAQ

How do I interpret the colors? Green represents a bullish trend on the corresponding timeframe, and red represents a bearish trend.

Can I change the Supertrend settings for each timeframe individually? No, the current version applies the same Factor and Period settings across all five timeframes to ensure a consistent calculation logic for the heatmap.

How can I access Supertrend MTF Heatmap V2? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.