OPEN-SOURCE SCRIPT
SuperTrend Multi Time Frame Long and Short Trading Strategy
Hello All
This is non-repainting Supertrend Multi Time Frame script, I got so many request on Supertrend with Multi Time Frame. This is for all of them ..I am making it open for all so you can change its coding according to your need.
How the Basic Indicator works
SuperTrend is one of the most common ATR based trailing stop indicators.
In this version you can change the ATR calculation method from the settings. Default method is RMA.
The indicator is easy to use and gives an accurate reading about an ongoing trend. It is constructed with two parameters, namely period and multiplier. The default values used while constructing a Supertrend indicator are 10 for average true range or trading period and three for its multiplier.
The average true range (ATR) plays an important role in 'Supertrend' as the indicator uses ATR to calculate its value. The ATR indicator signals the degree of price volatility .
The buy and sell signals are generated when the indicator starts plotting either on top of the closing price or below the closing price. A buy signal is generated when the ‘Supertrend’ closes above the price and a sell signal is generated when it closes below the closing price.
It also suggests that the trend is shifting from descending mode to ascending mode. Contrary to this, when a ‘Supertrend’ closes above the price, it generates a sell signal as the colour of the indicator changes into red.
A ‘Supertrend’ indicator can be used on spot, futures, options or forex, or even crypto markets and also on daily, weekly and hourly charts as well, but generally, it fails in a sideways-moving market.
How the Strategy works
- This is developed based on SuperTrend.
- Use two time frame for confirm all entry signals.
- Two time frame SuperTrend works as Trailing stop for both long and short positions.
- More securely execute orders, because it is wait until confine two time frames(example : daily and 30min)
- Each time frame developed as customisable for user to any timeframe.
- User can choose trading position side from Long, Short, and Both.
- Custom Stop Loss level, user can enter Stop Loss percentage based on timeframe using.
- Multiple Take Profit levels with customisable TP price percentage and position size.
- Back-testing with custom time frame.
- This strategy is develop for specially for automation purpose.
The strategy includes:
- Entry for Long and Short.
- Take Profit.
- Stop Loss.
- Trailing Stop Loss.
- Position Size.
- Exit Signal.
- Risk Management Feature.
- Backtesting.
- Trading Alerts.
Use the strategy with alerts
This strategy is alert-ready. All you have to do is:
- Go on a pair you would like to trade
- Create an alert
- Select the strategy as a Trigger
- Wait for new orders to be sent to you
This is develop for specially for automating trading on any exchange, if you need to get that automating service for this strategy or any Tradingview strategy or indicator please contact me I am have 8 year experience on that field.
I hope you enjoy it!
Thanks,
Ranga
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.