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.
Lesser value of target multiplier leads to more often trailing. Higher value of target multiplier lead to less often trailing.
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.
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