Supertrend Indicator
We’re often asked by intraday traders as to what indicator works well in intraday and the indicator that comes first in the list is Supertrend.
NEW DELHI: If you are an intraday trader, chances are that you use for spotting trades by using different indicators. A 'Supertrend' indicator is one, which can give you precise buy or sell signal in a trending. As the name suggests, 'Supertrend' is a trend-following indicator just like moving averages and (moving average convergence divergence). It is plotted on prices and their placement indicates the current trend. 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 superindicator 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,' Sameet Chavan, Technical Analyst at Angel Broking, told ETMarkets.com. 'A chartist using 'Supertrend' needs to key in two important data points, namely the 'period (ATR number of days)' and the 'multiplier (value by which ATR is multiplied)',' he said. The buy and sell signals are generated when the indicator starts plotting either on top of the closing price or below the closing price.
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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. 'A 'Supertrend' is overlaid on the price chart and when the indicator slips below the closing price, it generates a buy signal as the colour of the indicator changes into green,' Mazhar Mohammad, Chief Strategist - Technical Research & Trading Advisory, Chartviewindia.in, told ETMarkets.com.
'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,' he said. A 'Supertrend' indicator can be used on equities, futures or forex, and also on daily, weekly and hourly charts as well, but generally, it fails in a sideways-moving market. Like any other indicator, 'Supertrend' works best when used with other indicators such as MACD, Parabolic SAR, etc.
'A 'Supertrend' also acts as a strong support or resistance and it also provides a trailing stop loss for the existing trade. In a 'buy' signal, any dip towards the indicator can also be used as a buying opportunity and vice versa,' said Chavan.
Supertrend Indicator Settings
Like other indicators, Chavan said this indicator also needs to be used in conjunction with other tools such as the 'Primary Trend', 'RSI' and 'Parabolic SAR' in order to get filtered signals. It works well in a trending market in addition to volume-based indicators, but might give false signals when the market moves sideways, experts said. 'This indicator performs badly in volatile markets, traders need to ensure they have identified the underlying trend and use this indicator in tandem with other indicators,' Nikhil Kamath, Co-Founder & Director, Zerodha, told ETMarkets.com.
About the Supertrend indicator plus This Supertrend indicator does not only show you the current market trend, like the normal supertrend indicator does, but also possible entry signals inside of that trend. The Supertrend Plus indicator does not repaint and is the perfect choice for a trend trading strategy. Strategy Below you see the different entry point of this Trend Trading Indicator.
On every signal, you place a pending order above the candle and wait for the market to continue the trend in the direction of the Supertrend Plus indicator. If point 1, 3, or 4 appear you can either place a market order or a pending order above the candle. Point 2 shows you the mother bar of an inside bar pattern. On point 2 you only want to place a pending order above the candle and wait for the Breakout. Input parameters for Supertrend indicator plus.
Periods. Set the Supertrend indicator period. Multiplier. Set the Supertrend indicator multiplier. Trend Correction Mode. normal.
sensible (shows more correction signals, but they are less accurate). Signal Size.
Set the size of the signal points. Max Bars. Disabled if set to 0. You can leave this to 1000. Show Breakouts. Enable or disable the Breakout points. Show Corrections.
Enable or disable the Correction points. Show Pullbacks. Enable or disable the Pullback points Send notification The full version has the possibility to send alerts, emails and push notifications to your phone. About the free version The free version works on a demo and live account, but it does not send notifications and the signals 2,3 and 4 are only visible in the strategy tester. Automated Trading Trade the strategy of this Supertrend Indicator fully automated with the. Combination This indicator can easily be combined with the.
ICustom function (for developers) If you are a developer and want to make an EA based on this indicator, please download the More about the Supertrend Plus (Trend Trading Indicator). You can install the Supertrend Plus (Trend Trading Indicator) on limitless demo and live accounts. The license of every Metatrader Indicator you download is time limited, but you can re-download newer versions any time in your.