This indicator will generate a supertrend of your chosen configuration on any of the following indicators:
RSI
MFI
Accum/Dist
Momentum
On Balance Volume
CCI
There is also a RANGE FILTER built into the scripts so that you can smooth the indicators for the supertrend. This is an optional configuration in the settings. Also, you can change the oversold/overbought bounds in the settings (they are removed entirely for indicators without bounds).
If you find this indicator useful, please boost it and follow! I am open to suggestions for adding new indicators to this script, it's very simple to add new ones, just suggest them in the comments.
- The supertrend uses an ATR developed for non-candlestick use, i.e. data is retrieved through time series instead of the typical HLC data, the latter which is impossible because oscillators and other indicators only return one last-bar value. By creating a backwards ATR span that uses the extrema of the time series in the same way that the normal ATR calculates from one candle’s HLC, we can estimate an ATR in the similar way we might for normal HLC data. - This means, in a nutshell, that the supertrend is calculated from the indicator itself - NOT from the HLC data and then overlaid onto the indicator.
DRDREW2020
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@wbburgin, Price tend to move towards CALL or PUT Gamma for hedging. Is there an indicator that can be added for Gamma or Delta? Is there a Predictive Model for Expected Move of Price based on the Options Greeks?
DRDREW2020
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@wbburgin, Markets have directional price action based on Federal meetings / Powell / data on FOMC, CPI, PPI etc. Can you Model from historical data what the expected price action would be from days leading up to, day of, hour before and hour after the release of these economic data? For example, how the SPY behaves during the week of these Feds Meetings based on data from years or months past?
wbburgin
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@DRDREW2020, Probably. I am working on a Black-Sholes pricing model but it will probably be finished once I'm not so busy. I can likely bundle the expected price action into a separate indicator or make something that shows expected movement vs. actual historical movement, the problem is just TV's processing time limits. But this is definitely something worth creating.