SuperTrend Indicator can be used to find out the current market situation. This means that by applying it to various strategies, traders can see whether the current trend has an upside or a downside direction.
The tool is very illustrative as the main chart comprises the line and the arrows indicating what type of position a trader can open currently, depending on a market situation.
The technical analysis tool uses the Average True Range (ATR) indicator to calculate the current volatility of the asset. While ATR is not used to establish trends itself, it can be very useful as this tool indicates how strong a tendency can be. The higher the market volatility is, the more pips the price may change for in a particular direction.
SuperTrend Indicator shows the signals on various timeframes, which makes it a universal analysis instrument for various trading styles. This indicator can be used in various strategies. It is suitable for long-term positioning trading as well as for short-term scalping systems.
The indicator is implemented as a scanner that searches for trading signals on all symbols and timeframes available in the MetaTrader 4 (MT4) trading terminal. The indicator contains a dashboard on which all information about the current status of detecting signals of a trading strategy is presented. The transition to the detected signal is carried out in one click, after which the chart is automatically updated without the need to open it in a new window.
Another useful feature of the SuperTrend Indicator is that it uses alerts. Once the situation changes, a trader will be notified about it. This is a very helpful feature as one can take market decisions right away after the signal appears.
Using this indicator is very simple.
A buy signal appears when the line of SuperTrend Indicator is below the price and is coloured in green (there is also a green arrow confirming the buy signal). The long signal is cancelled when the line goes above the price and changes its colour to red.
On the other hand, the sell signal in this SuperTrend Indicator strategy appears when the line goes above the price and is coloured in red. One will also see a red arrow confirming the sell signal. It remains valuable until the situation changes and the line becomes below the price (changing its colour to green).
The dashboard shows information about the current status of detecting signals.
The cell of the asset / timeframe contains information about the direction of the trade (BUY or SELL) and the serial number of the bar (the number of bars back) on which the signal was detected.
The color of the cell indicates the direction of the trade (BUY – green, SELL – red) and changes the saturation of the main color depending on how much the distance of the bars from the last bar on which the signal was detected increases.
The dashboard allows traders to easily and fastly choose the assets they want to work with by clicking on a particular cell in the dashboard.
The indicator has the following parameters:
assets – selection of assets to search for signals.
enable_M1 – enable_MN – include / exclude timeframes (from a minute to a month) to search for signals via them.
max_bars – the maximum number of bars back, by which the scanner will search for signals. The parameter limits the number of calculations to speed up the indicator.
enable_alert – the option enables / disables alerts.
enable_email – allows you to send email alerts.
enable_mobile – allows you to send alerts to your mobile device.
SuperTrend settings – changing the key parameters of the indicator (period and multiplier).
We can also turn the indicator into an Expert Advisor (trading robot) with an extended set of custom functions (stop loss, take profit, trailing stop, risk management parameters, trading time limit, and others).
Request a free consultation from our team of professional programmers and find out the cost and timing of your project development.
Nordman Algorithms is not liable for any risk that you face using the software. Please, use the software on your own responsibility. The software is coded in accordance with a common known concept and Nordman Algorithms does not guarantee accuracy or trading performance of the software signals.