Turin + Italy
Posts: 194 since Feb 2020
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The Supertrend also identifies congestion phases well; the formula is this:
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{SuperTrend - Indicator}
Inputs:
ATRLength(10), ATRMult(3), UpColor(green), DnColor(red);
vars:
ATR(0),
avg(0),
dn(0),
up(0),
trend(1),
flag(0),
flagh(0),
SuperTrend(0);
ATR = AvgTrueRange(ATRLength) * ATRMult;
avg = (high + low)/2;
up = avg + ATR;
dn = avg - ATR;
if close > up[1] then
trend = 1
else if close < dn[1] then
trend = -1;
if trend < 0 and trend[1] > 0 then flag=1 else flag=0;
if trend > 0 and trend[1] < 0 then flagh = 1 else flagh = 0;
if trend > 0 and dn < dn[1] then dn=dn[1];
if trend < 0 and up > up[1] then up=up[1];
if flag = 1 then up = avg + ATR;
if flagh = 1 then dn = avg - ATR;
if trend = 1 then SuperTrend = dn else SuperTrend = up;
Plot3(SuperTrend,"SuperTrend",iff(trend = 1, green, red));
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[img]https://i.postimg.cc/nhgmdf6k/Supertrend.jpg[/img]
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