BEST Multicolor Supertrend InfoPanel

The BEST Multicolor Supertrend InfoPanel indicator provides a visual dashboard for monitoring higher-timeframe Supertrend values directly on the current chart. This tool aims to give traders immediate insight into long-term market trends (Weekly, Monthly, Quarterly, and Yearly) without needing to switch timeframes.

Usage

The tool is designed to provide a comprehensive overview of trend direction across multiple major time horizons. By observing the Supertrend values for various periods simultaneously, traders can identify confluence between long-term trends and short-term price action.

Typical use cases include:

• Trend Confluence: Ensuring that lower timeframe entries align with the Quarterly or Yearly trend direction.
• Support and Resistance: Using the calculated higher-timeframe Supertrend levels as significant price targets or stop-loss placements.
• Visual Multi-coloring: The script utilizes a specific coding technique to display multi-colored text within a panel format, allowing for better visual differentiation of the various timeframes.

Details

The script calculates the standard Supertrend formula using the ATR (Average True Range) and a multiplier. However, instead of only showing the current timeframe's trend, it utilizes the request.security function to fetch data from the following intervals:

• Weekly
• Monthly
• 3-Month (Quarterly)
• 12-Month (Yearly)

A technical implementation highlight of this tool is the "multicolor hack," which layers multiple labels on top of one another with varying vertical offsets (line breaks) to simulate a single information panel with distinct colors for each line of text.

Settings

• [ST] Factor: The multiplier used for the Supertrend calculation (default is 1).
• [ST] PD: The period (lookback) used for the Average True Range (ATR) calculation (default is 2).

FAQ

How do I access BEST Multicolor Supertrend InfoPanel?

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

Can I change the timeframes displayed in the panel?

The current version is hardcoded to display Weekly, Monthly, Quarterly, and Yearly values to provide a "Macro" perspective of the asset.

Does this indicator repaint?

The indicator uses request.security with historical data. While the panel values update as higher-timeframe bars close, the current implementation uses lookahead=barmerge.lookahead_on on the historical request; users should be aware of how this affects historical data visualization versus real-time data.