SuperTrend V.1 Single Alert

The SuperTrend V.1 Single Alert indicator provides a streamlined trend-following mechanism designed to identify potential market reversals and trend directions using ATR-based volatility bands.

Usage

The Usage section focuses on identifying trend direction and potential entry points based on price interaction with the SuperTrend line. When the price is above the line, the trend is considered bullish (green), and when below, it is considered bearish (red).

This specific version is optimized for alerting systems where a unified signal for any trend change is required. Users can monitor:

• Trend Flips: Occur when the price crosses and closes on the opposite side of the trailing stop line.
• Single Alerts: Designed to trigger a message regardless of whether the new trend is bullish or bearish, simplifying bot integrations or general notifications.
• Visual Cues: Triangles and arrows highlight the exact bar where a crossover or trend change is confirmed.

Details

The script is a refined implementation of the classic SuperTrend algorithm originally developed by Rajandran R. It calculates the trend based on a combination of the Average True Range (ATR) and the median price (HL2).

The calculation involves:

1. Basic Bands: Calculating upper and lower offsets from the median price using a multiplier (Factor) of the ATR (Period).
2. Trailing Logic: The bands are adjusted so they only move in the direction of the trend, creating a trailing stop effect.
3. State Management: The script tracks whether the current state is bullish (1) or bearish (-1) to determine which band to display as the active Trailing Stop Loss (TSL).

Settings

• Factor: The multiplier applied to the ATR to determine the distance of the bands from the price. Higher values result in a slower, less reactive indicator.
• Period: The lookback length used to calculate the Average True Range (ATR). Smaller values make the indicator more sensitive to recent volatility.

FAQ

How do I use the single alert feature?

You can set an alert using the "Message" condition in the alert dialog. This will trigger whenever the trend changes direction, whether it becomes bullish or bearish.

Can I still get separate alerts for Long and Short?

Yes, while this version emphasizes the single alert functionality, individual alert conditions for "Up Entry" and "Down Entry" remain available in the settings.

Where 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.