OPEN-SOURCE SCRIPT
Updated Whale Supertrend (V1.2)
The script "Whale Supertrend (V1.2)" is an advanced trend indicator that uses multiple Supertrends with different factors to determine entry and exit points in the market. The Supertrend is a popular indicator that combines price and volatility to help identify trend direction. The script displays buy and sell signals based on the confluence of Supertrends.
How the script works
Configuring Supertrends
The script configures six Supertrends with different factors (factor, factor1, factor2, factor3, factor4, factor5) while using the same ATR period (atrPeriod = 10).
Supertrend 1: factor = 3
Supertrend 2: factor1 = 4
Supertrend 3: factor2 = 6
Supertrend 4: factor3 = 9
Supertrend 5: factor4 = 13
Supertrend 6: factor5 = 18
For each Supertrend, the bullish (blue) and bearish (purple) trend conditions are plotted on the chart.
Signal Calculation
The script calculates the number of Supertrends in bullish and bearish trend:
bullishCount: Number of Supertrends indicating a bullish trend.
bearishCount: Number of Supertrends indicating a bearish trend.
Signal Detection
The script triggers a buy or sell signal when at least three of the six Supertrends indicate the same trend:
Buy Signal (buySignal): Triggers when bullishCount is greater than or equal to 3.
Sell Signal (sellSignal): Triggers when bearishCount is greater than or equal to 3.
To avoid repetition, signals are only displayed when the state changes:
triggerBuy: Buy signal only when buySignal becomes true for the first time.
triggerSell: Sell signal only when sellSignal becomes true for the first time.
Candle Coloring:
Candles now change color based on signals:
Green: When a Buy Signal is active.
Red: When a Sell Signal is active.
This provides a clearer visualization of market trends directly on the chart.
Dynamic Settings for Supertrends:
You can customize the ATR Period and Factor for each of the 6 Supertrends via the settings panel.
Each Supertrend has independent parameters:
ATR Period: Controls the ATR calculation period.
Factor: Adjusts the Supertrend sensitivity.
Benefits:
Enhanced Readability: Candle colors help identify buy and sell zones at a glance.
Greater Customization: Tailor Supertrend settings to your trading strategy or market conditions.
How the script works
Configuring Supertrends
The script configures six Supertrends with different factors (factor, factor1, factor2, factor3, factor4, factor5) while using the same ATR period (atrPeriod = 10).
Supertrend 1: factor = 3
Supertrend 2: factor1 = 4
Supertrend 3: factor2 = 6
Supertrend 4: factor3 = 9
Supertrend 5: factor4 = 13
Supertrend 6: factor5 = 18
For each Supertrend, the bullish (blue) and bearish (purple) trend conditions are plotted on the chart.
Signal Calculation
The script calculates the number of Supertrends in bullish and bearish trend:
bullishCount: Number of Supertrends indicating a bullish trend.
bearishCount: Number of Supertrends indicating a bearish trend.
Signal Detection
The script triggers a buy or sell signal when at least three of the six Supertrends indicate the same trend:
Buy Signal (buySignal): Triggers when bullishCount is greater than or equal to 3.
Sell Signal (sellSignal): Triggers when bearishCount is greater than or equal to 3.
To avoid repetition, signals are only displayed when the state changes:
triggerBuy: Buy signal only when buySignal becomes true for the first time.
triggerSell: Sell signal only when sellSignal becomes true for the first time.
Candle Coloring:
Candles now change color based on signals:
Green: When a Buy Signal is active.
Red: When a Sell Signal is active.
This provides a clearer visualization of market trends directly on the chart.
Dynamic Settings for Supertrends:
You can customize the ATR Period and Factor for each of the 6 Supertrends via the settings panel.
Each Supertrend has independent parameters:
ATR Period: Controls the ATR calculation period.
Factor: Adjusts the Supertrend sensitivity.
Benefits:
Enhanced Readability: Candle colors help identify buy and sell zones at a glance.
Greater Customization: Tailor Supertrend settings to your trading strategy or market conditions.
Release Notes
Replace the plot shapes text with up and down arrows.Release Notes
In this update, we've introduced a key improvement: the number of Supertrend confirmations required to generate a up or down signal is now fully customizable.- The script tracks the number of bullish Supertrend confirmations (bullishCount) and bearish Supertrend confirmations (bearishCount).
- A up signal is generated when the number of bullish Supertrends meets or exceeds the user-defined threshold (Super Trend Count).
- Conversely, a down signal is printed when the number of bearish Supertrends meets or exceeds the threshold.
Configurable Threshold: - The new parameter Super Trend Count (default set to 4) can now be adjusted directly from the script settings.
- A tooltip guides users with: "Number of Supertrends required to trigger a signal."
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.