DarkWaveAlgo

MTF SuperTrends Nexus [DarkWaveAlgo]

DarkWaveAlgo Updated   
๐Ÿงพ Description:
A nexus is a connection, link, or neuronal junction where signals and information are transmitted between different elements.

The MTF SuperTrends Nexus indicator serves as a nexus between MTF SuperTrends by facilitating the visualization of up to eight multi-timeframe SuperTrends, each with its own customizable timeframe, period, factor, and coloring customization. By combining these various SuperTrends, it helps you create a comprehensive view of MTF trend dynamics and cross-timeframe confluence according to the SuperTrend indicator.

It acts as a utility/control center that brings together multiple MTF SuperTrends and allows you to visualize the interactions between them with exceptional ease-of-use and customizability, helping to provide you with valuable insights into potential trend reversals, momentum shifts, and trading opportunities.

๐Ÿ’ก Originality and Usefulness:
While there are other multi-timeframe SuperTrend indicators available, MTF SuperTrends Nexus' semi-transparent fills create a compounding opaqueness when SuperTrends from multiple timeframes coalesce - making visual assessment of cross-timeframe confluence extremely easy. We also believe it stands above the rest with its sheer quantity and quality of settings, features, and usability.

โœ”๏ธ Re-Published to Avoid Misleading Values
This script has been re-published to ensure that it does not use `request.security()` calls using lookahead_on to access future data when referencing SuperTrend calculations from other timeframes. This decreases the likelihood that the indicator will provide deceiving values. This change has been made in accordance with the PineScript documentation: "Using barmerge.lookahead_on at timeframes higher than the chart's without offsetting the `expression` argument like in `close[]` will introduce future leak in scripts, as the function will then return the `close` price before it is actually known in the current context" and the Publishing Rule: "Do not use `request.security()` calls using lookahead to access future data". Historical and real-time values may differ when referencing timeframes other than the chart's.

๐Ÿ’  Features:
  • 8 toggleable MTF SuperTrends with customizable timeframes, periods, and factors
  • Compounding filled areas for easy MTF SuperTrend confluence analysis
  • Aesthetic and flexible coloring and color theme styling options
  • End-of chart labels and options for ease-of-use and legibility

โš™๏ธ Settings:
  • Use a Color Theme: When this setting is enabled, all manual 'Bullish and Bearish Colors' are overridden. All plots will use the colors from your selected Color Theme - excepting those plots set to use the 'Single Color' coloring method.
  • Color Theme: When 'Use a Color Theme' is enabled, this setting allows you to select the color theme you wish to use.
  • Fill SuperTrend Areas: When enabled, the area between any MTF SuperTrend and the price bars will be filled with semi-transparent coloring.
  • Hide SuperTrends on Timeframes Lower Than the Chart: When this setting is enabled, any MTF SuperTrend with a timeframe smaller than that of the chart the indicator is applied to will be hidden from view.
  • Enable: Show/hide a specific MTF SuperTrend.
  • Timeframe: Set the timeframe for a specific MTF SuperTrend.
  • Period: Set the lookback period for a specific MTF SuperTrend.
  • Factor: Set the multiplier factor used for a specific MTF SuperTrend's calculation.
  • Bullish Color: When 'Use a Color Theme' is disabled, this will set the 'bullish color' for this specific MTF SuperTrend.
  • Bearish Color: When 'Use a Color Theme' is disabled, this will set the 'bearish color' for this specific MTF SuperTrend.
  • Enable Label: When enabled, a label will show at the end of the chart displaying the timeframe, period, factor, and current price value of this specific MTF SuperTrend.
  • Size: Sets the font size of this specific MTF SuperTrend's label.
  • Label Offset (in Bars): Sets the distance from the latest bar, in bars, at which this specific MTF SuperTrend's label is displayed.
  • Show Label Line: When enabled, this specific MTF SuperTrend's label will be accommodated by a dashed line connecting it to its plot.

๐Ÿ“ˆ Chart:
The chart shown in this original publication displays the 5 minute chart on BTCUSDT. Displayed on the chart are 6 MTF SuperTrends: the 5m 50-period/3-factor SuperTrend, 15m 50-period/3-factor SuperTrend, 30m 50-period/3-factor SuperTrend, 1h 50-period/3-factor SuperTrend, 4h 50-period/3-factor SuperTrend, and the 1D 25-period/1.5-factor SuperTrend - offering an exemplary view of how you can easily use these MTF SuperTrends to your advantage in analyzing SuperTrend relationships across multiple timeframes.
Release Notes:
Label sizing fix for the 'Small' option.

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.

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.

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