Based upon popular SuperTrend (AKA: ATR Trailing Stop) indicator with the following differences and improvements:
Defaults to using Volume-Adjusted WMA (VAWMA) for ATR. (Can still be configured to behave exactly like classic SuperTrend.)
Can use SMA, EMA, WMA, VWMA, and VAWMA instead of just SMA.
Confirmation close bars for avoiding false breaks.
Details: If the confirmation closing bars value is greater than zero (default of two bars), the trend will only reverse if the price closes outside the boundary for that number of bars (does not need to be consecutive) or if the opposite side of the bar exceeds the boundary. The confirmation bar count will reset if the trend has resumed (opposite boundary is broken).
Confirmation examples:
In a down-trend, but the previous two bars close above the boundary.
In a down-trend, but the low of the previous bar exceeds the boundary.
In a down-trend, but the high of the previous bar exceeds the boundary when confirmation bars are set to zero.
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Updated chart.
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Updated chart.
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Improved thumbnail.
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Allow for non-volume levels to be registered for VAWMA. Ensures charts with no volume still display what should be the same as WMA.
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Added ability to use maximum deviation to clean the true-range values. Existing behavior is unchanged. A maxDeviation value of 0 (the default) produces an unfiltered ATR. Anything other than zero will filter out the ATR outliers.
I can't find your script to add it, even by tagging as favorite.
Electrified
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@castifao, There are a lot of SuperTrend indicators, so that might be why. If you 'add to favorite' then look at your favorite scripts, that might do it.
tylerwitucki
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@Electrified, I've had that issue with other indicators, but I can find this script. A great addition would be to add an another trend line for the longer term trend with the shorter term trend line showing as seen with Supertrend MTF Heikin Ashi by LonesomeTheBlue. Although I like the settings in yours better. Thanks!
hey @Electrified , could you please add alerts for when there's a pullback into the supertrend (low or high crosses the supertrend BUT closes on the same side, without changing the actual trend)?
Just like the yellow arrows on your screenshot example.
I'd love to automate a strategy of buying pullbacks into the supertrend without changing the trend.
thank you
JayBog13
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You Deserve an award for these supertrend,the supertrend I've always wanted!!👍🏿