HeWhoMustNotBeNamed

Supertrend - Delayed Trail

I use supertrend for for trailing stops. One of the problem of trailing stops in long term trend trading is we get stopped too early and then trend continues. To avoid this problem, we can limit or delay our trailing.

In this modified version of supertrend, we can delay trailing by two methods:

  • Bars : Trail after certain bars. Input DelayBars says after how many bars it should trail.
  • Steps : Trail after reaching equivalent stop on the other side.

ConsiderWicks option reverse direction upon high reaching trailing Sell stop or low reaching trailing buy stop (instead of close)
ConsiderWicksForDelayByStep does the same thing for calculating if the steps have reached.
Release Notes: Added separate multiplier for stop and target.

Lesser value of target multiplier leads to more often trailing. Higher value of target multiplier lead to less often trailing.
Release Notes: Added alertcondition on demand :)
Release Notes: Added new type of delay based on breakouts. Breakouts are based on breakout candles logic present here:

Open-source script

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.

Want to use this script on a chart?
Please PM me if you need access to any invite only screen.

Join tradingview: https://www.tradingview.com/gopro/?share_your_love=sudh

Comments

Possible alerts upon trend break? Thank You
+2 Reply
@RwTrades, done
+1 Reply
Thank you
+1 Reply
Thanks a lot!
+1 Reply
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