Supertrend with Target Price & ATREE [SS]

The Supertrend with Target Price & ATREE [SS] indicator combines a customizable Supertrend foundation with the Advanced Technical Range Expectancy Estimator (ATREE) probability model and automated ATR-based price targets. This tool aims to provide traders with a comprehensive view of trend direction, statistical sentiment probability, and realistic exit levels for scalping or day trading.

Usage

The indicator provides three primary visual components to assist in market analysis:

• Supertrend Baseline: A standard trend-following line that colors green during uptrends and red during downtrends. It serves as the primary filter for market direction.
• ATREE Sentiment Background: The space between the Supertrend and the price extreme is filled with green or red based on the ATREE model. A green fill suggests a bullish statistical bias (dip buying), while a red fill suggests a bearish bias (rip shorting). This helps traders align their trades with technical probabilities.
• Dynamic Price Targets: When the Supertrend transitions (crossovers), horizontal target lines are automatically projected. These lines represent potential reversal zones or profit-taking levels calculated using historical range data.

Details

The script integrates the ATREE (Advanced Technical Range Expectancy Estimator) methodology to predict sentiment using specific technical oscillators.

• ATREE Logic: It analyzes historical data from selected oscillators (RSI, Stochastic, or Z-Score) to determine the likelihood of price reaching higher or lower ranges. This can be calculated from a higher timeframe (HTF) to provide a macro perspective on a micro chart.
• Target Calculation: Upon a trend shift, the tool calculates two target levels. These are based on the average distance between the transition price and the historical maximum/minimum price reaches during previous trends, providing objective levels rather than arbitrary guesses.

Settings

Supertrend Settings

• ATR Length: Sets the lookback period for the Average True Range used in the Supertrend calculation.
• Factor: The multiplier applied to the ATR to determine the distance of the Supertrend line from the price.

ATREE Model

• Timeframe: Allows users to select a specific timeframe for the ATREE probability calculations (supports Multi-Timeframe analysis).
• Enable ATREE Probability: Toggles the background probability fill on or off.
• ATREE Model Type: Selects the underlying oscillator for sentiment modeling (RSI, Stochastic, or Z-Score).

FAQ

How do I interpret the background colors? The background fill represents the ATREE sentiment. Green indicates a higher probability of bullish movement, while red indicates a higher probability of bearish movement, regardless of the current Supertrend direction.

How do the price targets work? Targets are generated the moment a Supertrend crossover occurs. They represent "Target 1" and "Target 2" based on historical volatility, designed to identify where a move might exhaust itself.

How can I access Supertrend with Target Price & ATREE [SS]? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.