As per many experts, supertrend indicator is best to use in combination with other indicators like and .
The best thing about supertrend it sends out accurate signals on precise time. The indicator offers quickest to enable the intraday traders to make faster decisions. It is extremely simple to use and understand.
However, the indicator is not appropriate for all the situations. It works when the market is trending. Hence it is best to use for short-term . Supertrend uses only the two parameters of ATR and multiplier which are not sufficient under certain conditions to predict the accurate direction of the market.
Understanding and identifying Bull and Bear signals in supertrend is the main crux for the intraday traders. Both the downtrends as well uptrends are represented by the indicator. The flipping of the indicator over the closing price indicates signal. A Bull signal is indicated in green color whereas Bear signal is given as the indicator turns red.
- Change calculation source ( default SuperTrend uses: hl2 )
- Change calculation method (default SuperTrend uses: RMA)
- Additional six multi-time frames SuperTrends
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.