SuperTrend Oscillator

Version 3: Improved aesthetically, complete turnaround for the strategy with which to use this indicator.
Once again, thanks to BlindFreddy and ChrisMoody for the bits of code that were assembled into this indicator.
Make the chart yours using the share button for the indicator with barcolors functionality.
Changes from v2 and looking forward: Indicator now uses a 14 length SuperTrend with no ATR multiplier. This my preferred use and I'd be grateful to hear your case for a different length/multiplier. Removed the Bollinger Bands and retracement dots due to these being gimmicky and marginally useful. There may be a version 4 should a similar concept using a rate of change analysis turn out to be useful. I have also tried -in vain- to plot internal trend peaks as horizontal S/R levels. Please pm if you are willing to help in that respect.
Strategy: The indicator will display the trend as a red/green area. It measures the spread between the closing price and the SuperTrend line, much like a CCI (close and ma). When the area contracts warning bars of the opposite trend color will warn of a reversal. When this happens, these areas will either be defended, reviving the trend, or will break, causing a trend flip. SuperTrend is unique in that breaks are typically large candles, and that its levels, especially on Weekly, Daily, Hourly, Minute timeframes, these levels will be defended (think similar to a 200sma or a 21ema). The STO making new highs within (internal) a trend is an overextension sign.
CVX Example: This is not a full analysis of CVX's stock, just an example potential trades. On the posted chart I used a weekly and a daily STO.
Long 1:The weekly showed warnings and then flipped. The daily made a double bottom , showed warnings and then flipped the daily STO at trendline support.
Long 2:The weekly still shows an uptrend, the daily made a weak break to downtrend and reversed back upwards at trendline support, forming a double bottom . Note the conservative exit when the STO made an internal new high.
Long 3: looking forward on CVX             stock, the current downtrend made a weak break and is showing sings of reversal ( pin bar ) at horizontal support. Go long on flip of the daily (conservative) or flip of the hourly (aggressive).
Remove from Favorite Scripts Add to Favorite Scripts
study(title="SuperTrend Oscillator",shorttitle="STO",overlay=false)
spt_ures=input(false,title="Use Cutsom Resolution?")
spt_lenw=input(200,title="Length Of Warning Range")
spt_len=input(14,title="SuperTrend Length")
spt_mult=input(1,title="SuperTrend Multiple")
p1=plot(spt_lvlup,color=colup,style=linebr,linewidth=1,transp=0,title="Uptrend Line")
p2=plot(spt_lvldn,color=coldn,style=linebr,linewidth=1,transp=0,title="Downtrend Line")
plot(spt_lvl,color=spt_colhst,style=histogram,linewidth=2,transp=0,title="Trend Change")
Found a fix. Version 3 posted and will work for different timeframes.
I just noticed that somehow the true range doesn't calculate properly when switching resolutions. Working on either a workaround or manual calculation.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out